Live in one unit - It's a great strategy when using a bank for financing as the down payment and interest rates are more favorable to owner occupants.  

Be sure to follow all formalities, such as sending via certified mail if required.Transfer Rent Payments: Notify tenants in writing that rent payments should be made to the new property management company moving forward.

Usually the hardest part is coming up with the down payment.

And use the other $50K as a down payment on a $250K property. 

But my down payment 3 years ago is only 10% of the total price $42K.

$50,000 available for Down Payment 

If you buy for $110k you can finance $88k if you come out of pocket for the $22k down payment plus closing costs. 

The rental is currently cash negative and our thought is by converting the unused storage unit it would bring cash flow into the positive.

And for any who question how legit my info is on sec8 Payment Standards, here ya-go, the current 2024 rates in this area.

This friend and I have done 2–3 deals together, and there’s never been a payment dispute or even a hint of cutting him out of something.