@Nupur Daruka - trying to put stated funded tenants into an HOA property is frequently a recipe for disaster.  

Currently working on a deal to buy a 140 room property that is right next to a major freeway, and hospital.

Is there anyone in the area who might be interested in managing it?

Hi Kristi,If you plan to hold the property for the next 5 years, opting for a 5 year prepayment penalty makes sense, as it will significantly lower the rate.

Today, the property is worth $95k and I find it very difficult to do a cash refi or HELOC to purchase other properties because it’s in an LLC.  

Also, if you intend on buying this property as a single member LLC you may not even require an EIN.

  * A bonus play would be purchasing a small commercial property with at least a 25 space lot in the aforementioned areas; the idea is to convert the lot into paid parking to increase value.   

I would think they would.I was just thinking after seeing someone one the news who had their life savings in Florida STR's.I think it is important to diversity and not have all income producing properties in one place especially when it is prone to a certain type of potential destructive weather. 

I have an opportunity to purchase an off market deal on a property in MD. 

We have stared the project about a month ago, completely new interior including adding new HVAC all new electrical, flooring, cabinets, tops and so on along with new driveway exterior paint and some siding.My contractor is also an investor, so we were lucky there, good insight to share and also, he has lots of leads for renters.But he is NOT a good photographer LOL. here are some progress pictures .Also, I will like to share that we are closing on one more single-family property early next week and we have a duplex under contract._________________________________________________________________________________________________________________________________________10/12/2024.