Where in the Hudson Valley?

It sounds like a single family house where you will be living in the house(personal use).Therefore, you may not be getting the tax benefits you think you are.Consult an accountant.I am not sure why your sister would agree to this as well, she is losing $170,000 in this transaction and she faces the possibility of you increasing her rent.You also have to charge market rent or close to market rent or it is all deemed personal use.

All of these would be out of state, likely in Tennesse, Georgia, Alabama, etc. where the money will go much further and landord rights are better than CA. 

Open to connect to others no matter where your based out of. 

A FHA 203k Loan is where the purchase price and rehab costs are rolled into a single loan.The downside of using FHA or a FHA 203k is you will need to live there, for a minimum of one year (to satisfy FHA Requirements); AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC.

The podcast also talked about insurance claim re-housing where families lose their homes to a tragedy and get replaced through their insurance.

Feel free to reach out if you want to chat about real estate.Hey Brendan where in Iowa are your properties?

It’s such a great resource for learning and connecting with like-minded investors. where is your property located? 

or where the tenant lives in a different county (even though its hours away) ? 

Coffered ceilings, low corner additions etc.Anyone can slap lipstick on a pig, looking for high value add in high demand markets is where the $ is.