Hypothetically, this deal would perform very well if you achieved 80%-90% occupancy.

Aggressive pricing is necessary to achieve this, so it's important to ensure the property is realistically priced in line with market standards, which often is not necessarily what you're hoping to sell for. 

Me purchasing it and renting it out to her turns it into an investment property thatvallows me to take advantage of all the tax benefits that come with it.She may lose the primary residence mortgage benefits she has, but I think what we achieve with the conversion outweighs the loss.Cashflow would be immediate and allow for quick savings growth for the next purchase.

Will this property help you achieve your long-term investment goals?

Most importantly, enjoy the journey and celebrate your achievements, no matter how small they may seem.

I selected Lewiston for the post as I didn't see an Augusta option, but I do work all over the state.It was my family's property management business that brought me to Maine and sparked my interest in and passion for helping investors achieve their goals. 

Stay disciplined, focus on cash flow, and you could achieve financial freedom in 5-7 years.Good luck!

What are your biggest challenges to achieving that?

Hi Scott,You can achieve sustainable growth by investing in high quality, well-managed properties that will generate consistent returns over time.

Meanwhile, gross rents of $1,800+ for 3-bedroom single-families is an achievable figure, so it’s possible to generate cash flow if you lever modestly.There’s a bunch of other stuff that’s worth highlighting—the economy, demographics, neighborhoods, new construction, and more.