Also I understand the funds aren't available for the improvements so that is another obstacle that has me leaning towards price reductions to move on as soon as possible.The exit of lower tier SFH's is something very few investors care to consider when making their investments but deserves far more consideration. 

If this is your first property, you could consider starting with a smaller apartment building and going after the opportunity first, and the property as a secondary consideration.

One of the other factors that kept me from pulling the trigger is that the city has never passed any real STR regulation.

I wouldnt give any consideration to what the seller needs in order to break even in determining the purchase price.

It may trigger if you are paying down the balance aggressively during the prepayment penalty period. 

I did confirm that in North Carolina, per the Statute of Frauds, any agreement lasting a year or more must be express, in writing and delivered to both parties, along with consideration (which I remitted via wire). 

I will definitely try to bring in as much money as possible but I don't want to wait forever to pull the trigger.

@Marc ZakThere are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.

One week into 2025 and the US housing market is facing considerable new challenges. 

@Nate McCarthy the odds of disputes arising are considerable.