HOA and condo fees were a challenge but if you anticipate or budget it doesn't have to be

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

(my mortgage will be around 8%)The unit has a min. 3 months rental as per HOA, which is still with the developers on the board. 

But, taxes, insurance, HOA dues etc... can be $500 per month + vacancy, maintenance and repairs.  

If you have an HOA that has 3 or 6 month minimums I believe this could be a viable route but a 30-40% lease up fee for a single month alone would likely devastate the profit margin. 

Next would be that pesky HOA.

Pay about 2,800 in RE taxes and 1,200 in HOA fees.

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

So I am not the smartest person and some of the helpful replies in previous posts was above my mental capacity.My situationI own a home (homesteaded in FL) and have 2 roommates which help pay the bills.numbers - mortgage left 155k, home value 330k, current interest rate 4.125% on conventional with 24 yrs left on a 30 yrmonthly payment with HOA $1600 pcmI am wanting to either1) turn this primary residence into an LLC and purchase another property to move into and start the process again with the aim being to rent my current house out on an annual 12 month lease for at least 2 - 3 years as I was told that as long as I lived in it 2 out of 5 years I can then sell without paying capital gains (though this confused me and anyone wanting to teach this to me like im 5 years old would be greatly appreciated).