Short term rental permits are only granted to owners who will be renting their primary residence.

My name is Jack Pasmore, and I’m a realtor and co-owner of Redeeming Equity LLC.

With a historic proportion of assets invested in equities, markets beyond Real Estate could be influenced.

Do you want to be passive (ie give your $ to someone and they pay you interest, or you put the money for the opp and get equity, etc)3.

Moreover, "[v]olitional unwillingness, as distinguished from good faith inability, to meet contractual obligations furnishes neither a ground for cancellation of the contract nor a defense against its specific performance" (Meisels v 1295 Union Equities Corp., 306 AD2d 144, 145 [2003]).  

I completely agree with @Ashish Acharya's points about the cost-effectiveness of a HELOC and the potential credit implications if it’s secured by your primary residence.

An experienced agent would have worked with the seller to do the repairs before they sold, and captured the forced equity in the sale.

Once rented, refinance to pull out equity and repeat the process.

.)- The property should be appreciating, if purchased in a good location, increasing the owner's equity/wealth.- Rents will be paying the mortgage off, increasing the owner's equity/wealth.- If you hold a rental until death, you can pass it on with a stepped-up cost basis, limiting captial gains if then sold (limited by inheritance tax limitations).Too many newbies on this site trying to replace their day job income via "passive" real estate investing w/o digging deep enough to understand how it really works.

I would love to be able to fact check this.Park North (aka Life Spring Estates), Houston, TX - Sponsors: Inman Equity, Djuric Family Office.Best of luck, Cheryl