Many older homes were built without closets.From appraisal today:"The Code refers to "habitable rooms" not bedroomsThe essence of the 2015 International Residential Code is that the code does not specifically use the term bedroom, but refers to all habit- able areas of a home.

As always, read ALL the terms before you sit to close.

Make sure it explicitly explains the process for termination if you are unhappy with their services, especially if they violate the terms of your agreement.3.

Hi @Sharad BagriIt’s great to see you considering liability coverage right at the outset of your partnership investment.. that’s a proactive move many new investors overlook.

Mean while i would be building equity, and if rates do lower, or when the term ends, could refi for better rates and then maybe cash flow.My questions are:Is this too naively optimistic?

If the market is tough, I reduce the rent rate over the full 12-month term.

The plan is to transition into a new home in 2025 or 2026 while converting this property into a long-term rental.

My idea to achieve this is to convert the studio into a short-term rental.I’m trying to determine if I’m forcing this deal to work by relying on the short-term rental strategy or if it’s a reasonable approach given the numbers.

You're investing in RE for long-term wealth, not a few hundred a month that can be wiped out with one CapEx item.

A lot of rehab lenders will account previous reno expereince when it comes to terms.