I bought and am wanting to get an appraisal for a single family home being used as a rooming house.

I was thinking about buying the land (maybe it is 20-30k for the .25 acre lot), finding a builder in the area, and seeing if I could build a ~1,250 sq ft 3/2 single family house and see if I could make the math work. 

But there are a few ways to shake things up:Cash for Keys: Offer them money to move out.

Thanks Jeremy.I'm going to leave my w-2 job and focus on my health and shaking off the burnout I've been feeling. 

It's a new suburb just starting out ,there are no large single family rentals ,it's mostly townhomes that are being rented out, which falls in 2500-2700$ .

@David Avetisyan If you sell your home for $510K and provide a $10K seller credit, your taxable gain is based on the net sale price of $500K ($510K - $10K credit), as seller credits reduce the gross selling price for tax purposes.Tax Impact in CaliforniaCapital Gains Calculation: Your gain is the net sale price minus your adjusted cost basis (purchase price + closing costs + capital improvements).Primary Residence Exclusion: If you’ve lived in and owned the home for at least 2 of the last 5 years, you may exclude up to $250K (single) or $500K (married) under IRC Section 121.California Tax: Capital gains are taxed as ordinary income at rates up to 13.3%.The $10K seller credit lowers your taxable gain.

When you say 'legal one family', do you mean that it is zoned for single family residential?

Or, save time and money and just start buying single family homes.

Hey All,
Im a newer memeber looking at the Hunstivlle AL rental market! Any advice or recommendations on where to purchase a long term property for rent are appreciated! Otherwise, I'll try and do the research myself...

You just need to have more reserves set aside compared to a single family.