A standard "business owner's policy" is fine -- it covers the building, commercial general liability, and ideally, loss of rent. 

@Bianca Rodrigues  I second Ken's advice above, definitely get an appraisal and inspection if you move forward with the deal.The two existing mortgages make it complicated. 

@Jaycee Greene Yeah it is easy for one to get discouraged when buying this type of project but I must say they are decent when trying to start low and build capital, that way you dont have to deal with **** properties or mediocre neighborhoods again. 

He teaches people to build small, but productive, portfolios.

From podcasts to forums, you’ve all helped me learn, save, and build the confidence to take this step.That said, I’m reaching out to ask for advice.

I will say that even though you get the boost from VRBO and AirBNB, the first year of operation is usually lean as you build up the rep.Offering a discount on the stay is a way to be more attractive but don't go crazy.

Focus on saving, building your credit, and connecting with local investors.

To set the scene: A cost seg study breaks your property into two important categories:1250 "real" property aka the building, foundation and other long life assets.1245 property aka anything that can be accelerated such as 5, 7, or 15 year property like carpets, cabinets, or other site improvements.

But make sure to build a strong core 4 if you invest out of state (deal finder, your property manager, your lender, and your contractor).5.

If you acquire one new property each year, you could significantly increase your wealth and potentially position yourself to qualify for larger investments, like apartment buildings or construction loans, within 10 years.I’ve worked with clients who have successfully implemented this strategy, and it has proven to be an effective path to building long-term financial freedom through real estate.Good luck with your decision!