Beg family and friends to fund it for you.They "might" do it if they see you've learned a lot and your business plan sounds very solid.How do I know this "might" work?

What adds complexity to our plan, is that we live in Minnesota.

Just keep in mind the process can take a little longer since you’d need to work with contractors and follow FHA’s requirements.4.Your End Game: Whether you’re planning to stay long-term, rent it out, or sell once the work is done, it’s important to have your exit strategy mapped out.

You’d need a clear exit plan and enforceable lease terms to protect your investment.Think about the following:Tenant Risk – Can they truly recover financially, or will you face another eviction situation?

You have to be willing to not give up when things get difficult, or don't go as planned.  2.This journey is worth it.

We are just starting to research and plan for a move out to the southeast somewhere, still in early planning phase. 

@Mike Donovan in Narragansett, RI we wound up with a RI FAIR plan due to the fact we rented to students.

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

NOTE: we charge extra for this.4) What about a floor plan, so prospective tenants can get an idea where their furniture may fit?

It is near Woodland Park which is having problems with allowing new permits.