Some private lenders like the one I work with doesn't require appraisals on fix and flip/new construction loans and also doesn't require tax returns/W2s.

I predict that the substantial home price cost savings and greater control they enable the buyer to have will make them grow in popularity.

Do I just have to go by the actual numbers like revenue from last owner and taxes?

I am told that they did not have closets as they used to be taxed on rooms that had closets.  

To make a long story short, for one property you are not going to save $ in the long run and realize materials can take 6-16 weeks to arrive. 

(gross rents $4900; 8% PM; mortgage+insur+taxes = $3600/mo).

Hi Jon from Boyertown, PA-You and your fiancé are interested in buying your first short-term rental and wonder profitable areas to purchase with a budget up to $500,000.I would look at places along the west coast of Michigan, Grand Rapids, Kalamazoo, and near Ann Arbor, MI.It is important to understand the local STR regulations in each community and partner with a property management company that can help your navigate that and manage it well for an excellent guest experience.Don't forget to look into bonus depreciation and doing a cost segregation study to increase the tax benefits of ownership and if you "materially participate" in the management of the property per IRS guidelines it can offset active W-2 income which most real estate cannot.To Your Success!

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Preforeclosure owner finance wrap, paid off the default payments and taxes with cash and assumed the owners loan.

Appfolio is more expensive but after saving money for these past 5 months I have determined RentRedi could be free and I would pass.