Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

In addition to a voucher, we require that the tenant be able to show income at least 1.5 time the monthly rent, as opposed to our regular tenants who must show 3.5 time monthly rent.Thank you for your input.In your opinion, using vast generalizations, is the additional risk managable for a brand new investor? 

Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

It isn't like this a condominium where assessments are paying for common parts of the building like the roof, etc.Prior to this, I didn't have much experience serving on an HOA board and have therefore relied on the management company for their opinion on certain decisions. 

In high-cost markets like Chicago, that can be tough to meet.If you're looking at a duplex, the self-sufficiency test doesn’t apply, so you’d just need to qualify based on your personal income and the rental income your lender allows.If your current lender isn’t familiar with making FHA work in your situation, it might be worth getting a second opinion from someone experienced with FHA multi-unit financing.

In my opinion, the hardest part of STR is getting it up & running.

Your perspectives have been incredibly helpful as I navigated how to handle the situation.Here’s how I just responded to the tenant:I expressed sympathy for their situation and the loss of their pets.

Just my opinion though for what it is worth.

So if you want to get some more insight or an opinion I can send you over her contact information.  

In my opinion, an in person meetup > an online connection.You may want to consider making a connection here and meeting up for coffee or attending a real estate networking event.Best of luck!