I would want to see if you could partner up with someone and split the profits 50/50, 60/40, or 80/20..

If you are paying off a 3 or 4% mortgage, why not just take the additional cash and transition that into assets that provide a 8-10% return.

I'm excited to join this group as a new real estate agent transitioning from 2 years of experience in property management.

Structuring the Deal with a PartnerWhile your partner cannot directly participate in the loan, there are ways to structure your arrangement to reflect your 50/50 partnership:Option 1: Post-Purchase Equity SaleYou obtain the 203(k) loan in your name as the owner-occupant.After closing, you sell your partner 50% equity in the property via a quitclaim deed or similar legal instrument.Your partnership agreement would outline each person’s roles, responsibilities, and share of profits.Note: Be mindful of FHA’s rules around title changes and ensure this doesn’t violate loan terms.Option 2: Partnership Contribution AgreementYou both contribute to the down payment and renovation costs as outlined in a partnership agreement.Your partner’s contribution could be recognized as a share of the equity in exchange for funding, services, or property management.The partnership agreement would detail how profits, responsibilities, and equity are split.Option 3: Joint Venture AgreementStructure the deal as a joint venture, where you own the property personally (required for the FHA loan), but profits and roles are split per a formal agreement.Your partner could receive equity-like compensation through profit-sharing without being on the title.3.

With a loan of say 350k, and paying property management, it should still provide net profit of about 4k to 7k a year in year 2.

Find a realtor that knows the transitioning areas, there are a lot of "not-so-nice" areas in South Bend that would not work for short term rentals, but there are also plenty of great neighborhoods.

Hey Andy one of the keys to profitability as a landlord is quick turn over. if you where renting your unit out for $2,000 a month and waited 3 months to get someone in.

Or the assignment profit is better than the flip profit.

Once you become the homeowner, we transition into a property management role and handle the day-to-day operations of the rental.

Purchase price: $160,000 Cash invested: $30,000 Took this home from bad to glam in 1.5 months for a healthy profit.