Consider buying, rehabbing, renting, refinancing, repeating, expanding into larger multifamily properties, or diversifying into other markets.

The bigger it grows the larger the potential for someone to cry foul, and the hammer comes down.

The $50k Heloc on house 2 was used to begin renovation here.

You should definitely be able to find decent multifamily properties for under $200k, and multifamily would be my suggestion for starting out if you can swing a larger down payment (depending on loan type, you MAY need 10% more for a multifamily vs a single family, but not always).

@Dina Schmid if you are downtown and have a larger property you can do 125k plus a year.

For example, South Cape has larger tourist destinations such as Cape Harbour, the downtown area, Yacht Club, Marina Village, etc, where there's really nothing comparable to any of those districts in the Burnt Store area.

Hi There - We have had several clients make the numbers work here in Chicago typically with either FHA 203k and home style renovation loans.I continue to remind everyone that a single or walk right now will be a double, triple, or even a home run down the road. 

I have a three unit building, but one unit needs to be remodeled the other two have been renting out for the past few years.If I spend X on renovating this apartment to get it ready for rental will the cash on cash return apply ?

For the last 22 years I've been involved in real estate as a house flipper, with extensive experience in building and renovation contracting, owned a residential property management company, and now have a private money lending business (licensed NC re broker).

Costs can be on the lower end if you use more standardized templates, while custom documents tailored to specific deals tend to fall on the higher end.Location can also play a role, with attorneys in larger cities often charging more.