. - WRT income, at a minimum it has to cover all of your costs plus some for unforeseeable expenses.  

I get that labor costs (along with everything else!)

Closing CostsMake sure you also budget for closing costs, which are a collection of fees and payments made to the various parties involved in your transaction.

Three Months ago, low to mid 6's were available.Rates are going to continually fluctuate but if you have a way to earn 10+% on your capital, the TIME you are not using it is going to cost you way more than the extra .5% per year will.You are walking over dollars to save pennies if you are waiting for the perfect rate, half of the people who held out on getting mid 6's were waiting for high 5's.

Whether the seller was open to a buyer commission or not, I wouldn't put an additional cost into any personal purchase.  

New year, new laws (Senate bills 205, 206 & 207).Effective January 2, 2025, Michigan landlords can no longer consider a tenant's source of income when screening them. 

We are looking towards STRs in order to lower our W-2 taxable income via cost seg and bonus depreciation.I believe my line of work qualifies me as a REP, but what I am not clear on is whether I would still need to meet the 'material participation' requirements in our rental business in order for our losses to be non-passive.

Their cost basis is about $33k, the agreed upon purchase price is $250K and the expected appraisal might be around $350k-$400k. 

It cost $38,000 for the framer to take on the risk and do the work - and that does not include the cost of the GC, or architect, or plumber that was also required!)  

There are no upfront costs so why not establish a relationship with someone who actively represents real estate investors and move forward with vetting your ideas.Best.