we have until spring of 2025 until our balloon loan either has to be refinanced or paid off (we got this loan because we intended to build, of course) and now i feel like it's a ticking time bomb.we conducted "clean and satisfactory" (no issues whatsoever to build) soil and foundation tests and provided those to every buyer. it seemed (not quite sure here) like they backed out once they reviewed the tests - yet there is nothing negative in them. we will not be providing these tests moving forward (as we had to do them ourselves and feel that each buyer should do their due diligence moving forward!)

Keep in mind that building a successful REI business takes time and a strong foundation.

One of the best things about real estate in my view is that you don't really need a lot of "technical" knowledge like other industries - you can just use your experience interacting with RE day to day to have a good foundation.  

Once you have this team in place, you should have the foundation to invest in any market confidently while not being there physically.

Usually if the college has a foundation, they will have a director that is in charge of housing for students and they can be a great resource for landlords who are allocating some units for students like you may be.

If you are even willing to be bold in the right area, you might also be able to rent your room and live in the laundry, or an office, or the garage, or a trailer in the drive, something like that.As far as structural issues we do have foundation issues in many parts of the city. 

You can start of with a turnkey that can use a light rehab to help you build a team and establish a foundation to than get into bigger projects. 

@Tracy Scott it's highly dependent on the deal, the type of property and the location.In addition to the items others have mentioned, here are some of the biggest potential start-up expenses that I study closely before buying a property:Foundation/structure--this is one of my few "deal breakers", I typically will not purchase a property with significant foundation or structural issues.

The fact that you want to get started and take action is already half the battle and as a long time listener of the podcasts I'm sure you already have a good foundational understanding of the basics.

I am an experienced renovator, having done work and management on all aspects of my own properties from the foundation up for 18 years.Since the State laws are new, I'm excited about the possibilities, and looking to chat with other Owner/Builders about the feasibility and pitfalls.I guess that my biggest open questions are about foundations and waste water management requirements in conjunction with an existing multi family building.