Once you fix it up, you could refinance to pay off the HML.If you do it right, you should have enough sweat & forced equity to have 10-20% equity for the refinance.

Kate I see Avalara but from looking at their site it is not clear if they are actually making the payments or are they just helping you figure out the amounts to remit?

Net proceeds - Is the amount of cash that goes into your exchange account.

If you can save up for a slightly higher down payment your margin for success will be significantly higher.Also, I strongly agree with the "buy the worst in a great neighborhood, live in the worst unit of the triplex and slowly fix it up yourself."

Id like to understand what the most profitable way to fix up a current 1,700 SFR in a 6,200 sq. foot lot would be?

For insurance you often have to have a certain amount of access to get to furnaces, hot water heaters, and electrical panels.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Starting with a smaller property or a few fix-and-flip projects can help you build equity, gain credibility with lenders, and better understand the process before scaling up.Securing funding for larger projects can be challenging without prior experience, but options like hard money loans might be worth exploring.

@Bob Asad at our bank, we have an escrow account for security deposits, it is set up with sub-accounts for each tenant with their security deposit amount and their SSN.

The buyer comp agreement has to be a specific dollar amount or percentage.