Instead of losing 55k they will probably only end up losing $25,000 - $30,000Long term its not a great cash flow property but with some renovations and addition of a parking slab I think long term appreciation is the big goal here.

Big expense up front, additional expenses over the life of the lock, they can be too complicated for renters to figure out, and they don't solve all the problems a landlord may face.

You can prevent this by requiring them to add you as "additional interest" on their policy.

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

My budget is in the $200-250K range.Please feel free to let me know if additional details would help, and thank you in advance for your time and advice! 

Hello,Im working with a lender to refinance into a Fanny Freddy mortgage now that I have stabilized my 36 unit complex.They have asked for a CAPEX schedule, and a T-6, in addition to the rent roll. 

In addition I am giving him freedom to explore (to a certain extent) on my dime.

Exactly 1 year later my first tenant moved his family in where his kids and dog can play in the massive yard while raising 2 cows in the barn.

Please DM me if you have any additional questions. 

Return:Finishing the basement and adding bedrooms can add significant value, especially if your local market places a premium on additional living space.