Initially, I was planning for a quick sale and contacted my private money lender for a hard money loan.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

Initially, the plan in our group, was to create full floor units as they become empty, which would increase the rents (though still RS).

It's zoned for residential, as I said in my initial post.

Phase 1 is an initial assessment, more focussed on document research while Phase 2 is where they actually take soil samples etc. 3.

If they choose to live in a smaller unit and rent out their 3-bedroom apartment instead, the househacker’s tenant will be paying about 45% of their mortgage payment.While this still leaves househackers short of cash flowing during the initial years, there are significant benefits to consider.

@Camy Kwok Not sure how far along you are in this process already seeing how the initial post was 3 months ago.

My initial focus was on flipping, holding, and selling residential single-family homes in college areas, which provided a solid foundation in the nuances of real estate.After completing my degrees in late 2018, I transitioned my portfolio to a trusted partner (with whom I still collaborate) and relocated to Columbus.

The initial renovation budget was ~$30k, when all was said and done I spent $43k on the renovation.

Kyle has a lot of development underway as their mayor is very progressive and has been pushing multiple initiatives to attract business and growth (including tesla)