Financing your second property can be tricky since lenders may only count 75% of rental income toward your debt-to-income ratio, so get pre-approved early.

I would make improvements to the property only when doing so would cost less than the value added to the property.

So in the words of Clint Eastwood: "A man has to know his own limitations."

I have an opportunity to do so in Southwestern Michigan (not Detroit)...90 minutes from Chicago and 5 minutes to the beaches of Lake Michigan.

Great tools that get updated regularly.I am on the lending side of things and would be happy to hop on a call with you anytime to discuss financial strategies and help answer any questions you may have about nearly any loan product available to help you on your journey, even if they are not products my capital partners offer.We are all here to help you learn and grow.

Even more so if they have to haul firewood up to the attic.

Quote from @Erica King: I like the concept of duplex and 4plex . so I could stay in one.

Could you provide guidance on how to navigate this situation from both a tax and mortgage perspective so I won't have issues getting my next property?

Well it looks like non-profits are exempt....So I suppose Dope Traffickers will just buy an ongoing concern non profit and operate that with ownership as an IBC (International Business Corporation) in some privacy haven, or Russia, or Yemin or somewhere (if those places have privacy laws???)

I am currently living out of state so I have hired a property management company to handle this task, however, my home is still sitting vacant with very few prospective tenants.