It also provides the opportunity for both appreciation and cash flow, especially in markets like Birmingham, AL, where value-add strategies can thrive.So as others have said, avoid turnkey if you’re looking to build real wealth.

Avoid them at all costs.

Consider not just the purchase price but also renovation costs, property management fees, and local rental rates.Consider the Property Management Aspect: If you’re not planning to manage the properties yourself, finding a reputable property management company is essential to ensure smooth operations.Stay Updated on Local Regulations: Familiarize yourself with rental laws and regulations in Detroit to avoid any potential issues down the line.Feel free to ask any questions as you continue your journey.

These are unnecessary middlemen that slow down transactions.

If you are looking to get it to avoid fees, listen to Nathan.

I just keep plowing money into the mortgage  my goal is not to have it hang around long term so I would avoid the recast idea .

Credit Cards: If your renovation costs are manageable, using a credit card can be a quick way to finance smaller projects, especially if you can pay off the balance quickly to avoid high interest.8.

My main advice for avoiding liability is: (1) work with a great insurance broker to get comprehensive coverage; (2) avoid signing full recourse personal guarantees whenever possible; (3) max out your 401(k) or defined benefit plan with ERISA protection; and (4) strive to reach a point where you’re not personally involved in the business’s day-to-day operations.Disclaimer: While I’m a licensed attorney, I’m not your attorney.

And just avoiding it for this issue alone seems like a good reason not to do it.

I commonly hear that permitting is not an issue unless I am touching plumbing or electrical but just to be safe and avoid any future liabilities, I am trying to understand it is even feasible to get the new rooms/garage permitted for their intended use.3.