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.

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

I already have the market in mind (Birmingham, AL) where I’ve purchased a couple of SFHs and have a solid team in place (contractors, property manager, etc.).From what you’re saying (and I’ve heard this from others as well), it sounds like the preferred approach is to buy entirely in cash (covering both the property and rehab costs) and then refinance afterward to speed up the buying process.

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? 

In contrast, a traditional TN LLC may face challenges due to limited charging order protection, potentially making it less secure against creditor actions.To address these concerns, some investors use a two-tier structure where a TN LLC—holding the property—is owned by a Wyoming holding LLC, benefiting from stronger asset protection laws.

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.

Where are you located?

If you own the balcony (check CCRs, I have a unit where I don't own my private balcony) then it is all part of the unit.As an owner, you're on the hook for the actions of your tenant.

If a situation arises where landlord and tenant end up suing each other or both being named in a lawsuit, and we're on the same insurance policy together, that seems to create more problems than it solves.