My husband is a contractor which gives us a leg up in flipping, but we are also curious about diversifying and buying rentals.

Quote from @Sri Reddy: I am a newbie to real estate investing and looking for guidance from the teams here to understand the sources from where we can find any small retail spaces to buy.

I am under contract to buy and flip a house that I am paying $615K for. 

If you have extra cash at the end of the month, then do double up payments on the mortgages so the principle is reduced and this will increase your heloc room.

We have a big place so it is families and groups.I do ask guests before booking if they are celebrating any special occasions and I will add some extra things to the welcome box that fits if I can.

An opportunity to buy my second property has come.

You can make more through co-living in most markets, but still likely to be better off house hacking 1 / year and then buy out of state with your extra cash.If you want to chat strategy with someone - feel free to PM me or reach out to contact info in my bio!

That would be a helpful addition to your plan as you would further reduce your cost of living.Also don’t forget from that $600 you are planning on getting in cash flow you have taxes, insurance, maintenance, capex, and vacancy to consider.With two homes, you may want to keep that extra $20k as an emergency fund rather than spending it on a third property and then be left with no emergency funds.

It sounds like a few people on this thread don't really understand how PMC's operate or why they may charge extra fees.

You could force the seller to bring it up to code before the sale is complete as one of the contingencies of buying it, let them deal with it.