So there's acquisition, rehab/repair, carry, insurance (vacant/contractor insurance, yes there's two types), and any other expenses (closing, etc).

You could explore renting out the garage as storage for someone, but then you need to look into insurance, liability, etc.

Leveraging out-of-state turnkey rental properties could be another time-efficient path, offering stable cash flow and potential appreciation.

Just wondering how you feel about the unique challenges NOLA has relative to economy & climate change (insurance), population decline.  

Financing provided through this program is only available for properties located in Michigan or Florida.Available Product Type: SOFR 7/6 ARM, SOFR 10/6 ARMLoan Amount: $766,550 MaximumLTV: Purchase and No Cash Out Refinance - Maximum 99%Prepayment Penalty: NoneLoan Assumption: NoneEligible Properties: 1-unit dwellings, attached and detached condominiums, PUDsEscrow: An escrow account must be established for property taxes, and flood insurance, if requiredUnderwritingNo Private Mortgage InsuranceOccupancy – Primary residencesMinimum Credit Score - 700DTI – Max 43% (UW/Mgmt exceptions up to 50% with minimum 3 documented compensating factors)Student Loans – If in deferment, no qualifying payment requiredDown payment of 1% must be borrower’s own funds, while closing costs and prepaids may be gift fundsAttached condominiums require a 10% down paymentEligible Borrowers – Protect and serve heroes are defined as employees of public or private education institutions, employees of medical and healthcare organizations, all first responders, and active or former military personnel.Servicing: Retained

As a new investor, focusing on these can give you a solid foundation to grow your portfolio.I’m primarily focused on the Indianapolis market, where we specialize in new build duplexes that offer strong returns and stable rental income.

I’m a Colorado commercial insurance broker and have a lot of carriers available in my agency.  

Friends, family, or you might be able to access funds via a HELOC, cash value from a life insurance policy, take a loan out on your car, etc. 

However, if you're running your numbers then you'll want to make sure that you're including all the interested paid for the money borrowed from your HELOC as well as the carrying costs including utilities, insurance and property taxes.

All these are great investing routes to take - if you were to go the traditional residential rental route, these often offer more stable cash flow, while Section 8 properties can provide guaranteed rent, though with some additional regulations.