If so, that's an additional $150/month to add to your expenses.Best of luck, do your due diligence, and feel free to reach out if you'd like broker representation, I'm confident one of my investor focused agents can guide you well.

There's always an certain area in town that they rent from , but the next idea I had was changing the basement into additional space but how would I pay for a renovation such as that and how would I be able to label it as a true 3-4 bed room house ?

In addition, an LLC must be represented by an attorney in Hennipen & Ramsey county housing court. 

For only $ABC dollar amount you get an additional potential mold issues inside walls.How do I know that?

If anyone in the Thurston County, Pierce County, Lewis County, Mason County, Kitsap County or Grays Harbor County areas can provide me with a good referall for this, I would greatly appreciate it.I would also likely have additional work for this individual or company. 

My wife is unconvinced that investing in real estate is beneficial over or in addition to some of the traditional investments we have (401Ks, REITs, stock market, etc). 

Some things they consider acceptable....moving in grown children and their live in partners, pets without landlord permission,  modifications to unit without permission, bringing in curbside cast off furniture containing bed bugs etc.........Finding regular tenants that pay on time will be far less work and stress than S8.Additionally inspections can be a major pain.

The closest office is in Corporate woods but they have additional offices in Olathe, Blue springs, etc. 

Lead and asbestos could add additional cost to your renovation so it would help you to know when estimating rehab costs.

.% down of the purchase price and the rehab costsCan be used for primary residence with 1-4 units (could also be looked at as a disadvantage)  When using 2-4 unit property, projected income from other units can be used to qualify 6 months' worth of mortgage payments can be rolled into the renovation budget if the house is deemed uninhabitable by the HUD consultantCredit scores can go down to 600s (lender dependent) DTI can go to as high as automated underwriting system allows (typically 56.9%)Allows you to buy a property in any conditionCan use it to fix minor repairs all the way up to basically a full tear-downFHA 203k Disadvantages: Interest rates tend to be about .25-.5 higher than regular FHA loan Additional costs include HUD consultant fee, inspections, title updates, and supplemental origination fee (Cost of doing business, but this is built this into your numbers, so it's no big deal)Must use a licensed General Contractor for a full 203k or up to 3 specialized contractors on the limited 203k Must hold onto the property for 1 year and live in it.