Partner Driven financed the Main St deal by covering 100% of the $20,000 purchase price and $45,000 renovation budget, ensuring Amanda Frecks could focus entirely on project execution without the stress of upfront expenses.

The primary requirement is that the expected rent would cover the mortgage on the home - and that expected rent is typically determined by a combination of the appraiser and some service like airdna (a site which determines fair market rent).

I think Peter covered the best course of action.

You need the type of attorney that the boogeyman checks under his bed for at night before he goes to sleep, and may need to offer 35 to 40% contingency fee.

.)- All in Cost = Cost to build * Square foot  - Sales Price = All in Cost + (All in cost * 20%)* Covers contractor and soft cost on either fee based or cost+- Profit = (Sales price - (Sales Price * 7%))* - All in Cost   accounts for agent fees and closing cost- Initial List Price = Sales price + 10%      A buffer to test market absorption- Break Even being All in cost, point where everyone is paid except me. - List price is to test the market absorption at "x" price. 250k land + build.

You would  then alert your insurance to it and it will go up but you would be covered. 

I would be looking to use hard money to cover the costs of renovations.

If I rent it out, I'll be hiring a property manager because I don't want to deal with trying to manage it from out of state.Some numbers:Purchased with 0% down VA loanPurchase Price: 189KMortgage: 172KRate: 2.25%4 Bed / 2.5 Bath~2400sq/ftBuilt in 1992Zillow Sales Estimate: 280KZillow Rent Estimate: 2,100/moRoof and AC are less than 10 years old.

The amounts of square footage cover is so low the delta becomes a rounding error. 

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.