@Lindsay Davis"$150,000 can buy you a tenant-ready 3 bed, 2 bath single-family home in a B-grade neighborhood.

Don't buy in the hood.

I have been doing these type of loans for 30 plus years and buying foreclosures since the late 70s.. seen it time and again  ..

Please see the rough numbers below :Tear down house price 350k,Construction cost 165 sqft * 2 build=627k too much for the land unless your exit is 3 million. don't reinvent the wheel. no single family home builder is paying 300k for land. that's miami florida prices where I live. we buy land 50k and under in Columbus Ohio. keep land at less than 10% of after built value.

Jeffrey:I'm connected to a large group in Indy that focuses on buy & hold SF and apartment (commercial) residential real estate. 

I'd save yourself from the headaches and just buy it with a DSCR loan.

I did public record searches on all the tenants while I was in the process of buying the building just so I'd know who I was going to be dealing with.

I think I can open another personal checking account at the bank I already have and it'll be under my name but i'm trying to buy out of state rentals with an LLC I own.

It seems you're exploring Rehab Financial Group for your BRRR (Buy, Rehab, Rent, Refinance) strategy, which is great!

When I worked with a property management company, we had someone buy a unit (single family) that had a STR and marketed it as a STR.