If you control how they perform tasks, set their hours, or provide tools, they should likely be a W-2 employee, requiring you to withhold taxes and comply with payroll regulations.

Renovation loans can be a fantastic tool when you're ready to explore your options.

That said, Detroit is very much a block-by-block city, so local knowledge is critical to avoid issues.If you’re serious about learning more, feel free to send me a DM.

Use the BP agent or lender finder tool!

BRRRR is such a powerful tool that it makes sense to apply it to single-family homes (SFH) early on, then leverage those skills and capital to take on the other asset classes you mentioned.

When you can borrow 80% tax free and continue to collect the income?

No free weeks, no reduced deposit, etc.

Could someone point me to the tool(s) or page(s) that list multi-unit residential properties?

I'm curious as what y'all consider to be the minimum criteria for approving a tenant, assuming you don't have access to professional tools.

This is much lower than the costs associated with refinancing.Benefits of Mortgage RecastingLower Monthly Payments: The most immediate benefit is a reduced monthly payment, which can free up cash for other financial goals.Save on Interest: By reducing your principal balance, you’ll pay less interest over the life of the loan, potentially saving thousands of dollars.No Credit Check or Appraisal: Unlike refinancing, recasting doesn’t require a credit check, income verification, or home appraisal, making it a quicker and simpler process.Keep Your Current Interest Rate: If you have a favorable interest rate on your current loan, recasting allows you to maintain it while still lowering your payments.Drawbacks of Mortgage RecastingRequires a Lump Sum: Not everyone has the cash on hand to make a significant lump sum payment, which can make recasting inaccessible for some homeowners.Doesn’t Shorten Loan Term: While your monthly payments are lower, recasting doesn’t reduce the length of your loan.