Scared about buying Investment property in New Orleans right now

[Allison Williams]

We are scared to take the next step. My husband and I are looking to acquire our 2nd investment property where I grew up in New Orleans. It's of sentimental as it's something we will use a few times a year and a lifelong dream of mine. We found the perfect property that needs a couple thousand in rehab. New Orleans STR laws are changing and looks like we will plan to list this as a corporate rental (monthly) and it will be fully furnished. Family is renting our other investment property and this is our scariest purchase yet, into the unknown, but we know this is our path so we have to jump off the cliff at some point. We know we will not make very much money initially against this mortgage payment and if we do we are very lucky, I'm trying to be realistic. The location is fabulous for longer term renters (single month or more) it's just a large purchase that if not rented will be tight to cover that payment each month. We can always rent long term but will prob lose a couple hundred each month vs our mortgage payment. This is an entry level property and not much else under this price point that is available. This is a buy and hold property, building only equity for us as we plan to enjoy it long term. Any one out there have advice or help to ease my mind out there?