Basically yes, so if he has his own home he would not be on the loan or the purchase agreement. 

Quote from @Devin James: True, but it's foolish to invest without a basic understanding of how to purchase and manage the investment.

BRRRRs are a useful tool for the right scenario, but it sounds like you have the opportunity to buy a house with basically no cash in, and with probably some of the cheapest financing available.

You will want to provide basic amenities like included washer/dryer since living conditions are already less than ideal with that many roommates so you don't want the added hassle of them needing to go downtown to a laundromat. 3.

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Demand is what drives up price/value.

Eugene could be a great choice for STRs with the university driving consistent demand with college kids + family, and Portland offers year-round potential with its already strong market for both MTR and STR.

I would think about having a local broker/agent give you a BPO on it and see what the number comes back in at..Think this might be where Chris was going, but depending on your area and what sales look like in the end of the year months, usually sales are a lot slower, that might be a driving factor.

It is in a northern MI Downtown area (opp zone) in a county seat with 2 hospitals, had it re-zoned to mixed use, and is considered blighted which makes it eligible for MEDC funding of up to 50% of project cost.It is 8k sqft (4,000 each level) with the lower level being a walkout (top level is street level with sloped drive down to the rear of the building).