That being said, every FHA loan has UFMIP which is 1.75% of the loan amount, as well as monthly mortgage insurance pmts that are about 0.5% of the loan amount annually.

That's a non tear down resale as well.

One thing to think about is when doing heloc on primary if you want to refinance you need to get their signoff as well as your primary loan which could cause complications.  

It’s crucial to ensure that you’re compliant with local zoning laws and HOA regulations related to vacation rentals, as these can affect your ability to rent the property.Overall, while it can work well, especially if you're looking for income from rentals, make sure to have a clear understanding of the financing rules, potential restrictions, and the financial risks involved.

.🔥 Why Co-Living & House Hacking Work So Well Together✅ Higher Rental Income Per Unit – Renting by the room typically beats traditional rental rates.✅ Lower Vacancy Risk – Losing one tenant doesn’t mean losing all your cash flow.✅ More Affordable for Renters – Competitive pricing attracts a steady stream of demand.✅ Built-In Community = Lower Turnover – Tenants stay longer when they feel connected.✅ Allows You to House Hack a Single-Family Home – No need to compete for pricey duplexes and triplexes!

Hi Michael, I'd be glad to help answer some questions for you and/or locate a duplex that would work well for your goals.Feel free to connect!

My latest blog - linked here  "UNDERSTANDING FLORIDA'S EVICTION PROCESS AND LAWS"  provides a comprehensive guide to understanding the legal requirements, timelines, and steps involved with Evictions in Florida.

Additionally, you could also check with your insurance provider to confirm there's no active risk and provide that documentation to the lender as reassurance.

If you want to take pictures of some of the work you did, you could save that in a Google drive as well. 

Contact the utility provider and get a historical average based on the last year of use.