Hey all, I currently have a new home being built that I would like to keep in my personal portfolio.

Quote from @Lisa Albright: Hi All,Newbie here, just a quick question we are building an addition on our second home, we have a primary residence, and two rental properties.

We’ve found a great option for us in Tennessee with a cabin (currently used as a str) and a mobile home.

One thing to note- the building is older (built in 1922), is considered in a historical district, and although each unit has been fully renovated, I have not upgraded all the electrical/roof and plumbing, so that's on the older side which I know is more challenging to get insured... 

My business partner owns a roofing company but has weak credit and more limited cash flow.An LLC is a common choice for partnerships since it protects personal assets and simplifies tax management.

Here's the details:ARV- $210- $220KRent: about $1,900/month3 beds/ 2 bathsNeeds: New roof, New HVAC, New fence, Minot touch ups inside like paint and cabinet touch ups.Rehab- About $40kI offered $140K and he countered with $190K.

The South Florida will eventually be a retirement home and I got real lucky there so far.  

Glad you are setting aside money, but if the HVAC is 20 years old, or the septic system has never been pumped, or the roof is 25 years old, etc; you will get hit with a cost before your build up enough set aside.How stable is the other tenant? 

I am not able to take equity out of my condo because it is currently on the blacklist due to HOA fixing the roofing and a Fannie Mae rule stating, if more then 50% of the condos in that community are owned by investors, I may not be able to refi.

Then you'll need to find land, acquire it, find a spec home buyer and set up meetings to design plans or buy a set online with mods.