As I studied earlier, the first thing you should do is marketing, then get a call and do a property analysis to understand if it's profitable for you, then meet with the seller and sign all the necessary papers, then if there is a debt in the bank we do a reinstatement quote, then do a title search to check if there are any hidden debts, if everything is fine we look for an investor or flipper and sign an assignment of contract with him and wait for closing to get our money.

The goal is to rehab this house then rent it to a qualified tenant until my fathers passing, at that time he has it in the will that the property is to be sold and then the profits are to be divided up between the family. 

But that also depends on your down payment- putting only around 20-25% down is hard to have a profitable STVR.Ultimately with STR v LTR, I'd be mainly curious about your intended use of the property. 

The current real estate environment that we've been in for the past several years hasn't presented any opportunities for deals like this.Because of the above bullet point, my real estate folio is kicking off a ton of profit each year which is fully taxable at ordinary income rates for me with federal plus state that means 42%From day one we've always self-managed everything, and built a great team of sub’s and handymen in every area, so that I’ve never had to do any labor.

Especially now, I am seeing a lot of people who bought during or right after the COVID pandemic and are in situations where they simply cannot sell their homes for any profit (many of them bought as new construction).

Sometimes making a smaller profit and providing value is far better than holding out for a bigger payday on a bad deal, I like that.

83k profit Lessons learned?

You definitely can't just buy a building low down, do no work to it and keep old rents and expect to profit. 

Thus, you will have a higher profit margin.You will have added closing and holding costs when paying with Hard Money.

If I add up all the lender fees and my holding costs—like points, origination fees, and interest —I can figure out how much profit I’ll make and what my maximum offer should be.