Avoid basing it on uncontrollable factors like taxes or insurance.

As a real estate agent based in New York, specifically on Long Island, I'm eager to hear from anyone who has experience with BRRRR properties in this area or has valuable tips to share.

.- Phase 2 (April 1, 2022)Applied to all remaining existing policies, transitioning them to the Risk Rating 2.0 methodology upon renewal.The new system replaced the decades-old approach to calculating flood insurance premiums, aiming to provide fairer and more accurate rates based on individual property risk.Before Risk Rating 2.0, flood insurance premiums were mainly based on whether a property was inside or outside a designated flood zone and its elevation on a map. 

This is a competitive sellers market at the moment with a lot of players working the MLS, you can get some nice base hits here and there, but I don't know of anyone that's hit a homerun buying on the market lately.  

Having owned property in rockford its not a great appreciation area so getting a HELOC will probably take 5-10 years based on loan pay down and maybe some slight appreciation.

Quote from @Christian Artuso: Quote from @Wale Lawal: @Christian ArtusoSince you're based in Chicago, consider networking with local investors through meetups, real estate investment groups, or BiggerPockets forums to gain insights on the best neighborhoods and strategies. 

I am an agent + investor based in Columbus, Ohio.Real estate has been a part of my life since birth.

You need to risk adjust your return based on the above comments. 

As @Ke Nan Wang said you have to hire an architect to make these decisions for you.On my projects I will compile like 5-10 inspiration photos based on projects I've done in the past, comps, and photos I find online, then I'll present those to the draftsman/architect.

Approval is based on rental income, not personal income.