All Forum Posts by: Michael Johnson

That will vary with what each partner negotiates. I've seen 50/50 splits and I've seen 10/90 splits, it really just depends.

There are numerous reason why a developer would not want to touch it, from it not being profitable to just wanting to hold it for a year and hopefully sell at a higher price. If your numbers make sense to you, then you have to trust your numbers. Since this is your first, I would bounce those numbers off someone who has been there before. One bad assumption and that hard earned money from your home sale could disappear. 

I agree with Bob, use that inspection period to get your bid and have a home inspector come in to do his thing. If everything still looks good, then close and get to work.

I agree with Caleb. Find out what the rents are, find out if similar properties are selling for about the same price. There is a handy spreadsheet somewhere someone on this site called "property analyzer" or something like it that may be useful to you for running numbers to see if this property makes sense financially.

You're on the right track, keep with it.

In addition to what Joe said, I am looking for big ticket items like mold, water damage, roof damage, termites. If there's potential to add value, like adding a bedroom or easy upgrades.

I think the next logical step for you is to call a property management company and ask them the questions you just asked me. They will know the local laws and can also give you their pitch on how they run their business.

In regards to you network of handymen, try and talk to investors on here who live in the area, I would bet they have some good guys on call they can connect you with. 

If you have enough equity in your current home or it is already a conventional loan , you could fha into a multi-unit, what people here call house hacking. Or perhaps find someone to go in with you who willing to live in a unit. 

What is your current constriction? Capital, credit, income? 

Did you put any money down on your VA loan or did you use 100% financing? Have you considered bringing on a partner who has some cash and a lower DTI?

Yes you purchase it as an asset in the business.

Welcome to the community, there are tons of great resources here. If you have any specific questions, feel free to reach out.