Once you're ready, create a goal (e.g., "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it.

You've also got 30k of equity in the property that you created, which you're choosing to leave tied up in exchange for that $100/mo.

One lesson learned: Create a good relationship with contractor and shop around for the best pricing on materials.

Generosity, freedom, and love will create the most beautiful relationship."

So if loan due in say 3 years you would need to create 600k in 3 years or sell the property.With limited years left on lease for primary you would need to start saving big chunks of money now because buyer will want higher cap rate to purchase.

@Michael Anderson you have two options:1) Create an Assignment of Lease from you to LLC2) Have tenant sign new Lease with LLC.Really only an issue if eviction or some other court issue.

There’s something incredibly rewarding about creating spaces that positively impact people’s lives.  

Your rehab budget of $120,000 (which seems reasonable for a full gut) is also in line with the value you’re creating.

To avoid these, create an operating agreement outlining roles, responsibilities, financial contributions, and handling disagreements.

My goal is to create generational wealth for my family and to eventually have the financial freedom to say "yes" to travel adventures as a family.