How will the ownership of the property be?

Although, costs will generally be higher on a rehab loan than a refinance on the free and clear property.

Self-storage has cooled a bit in the past few years (after an insane boom the years prior), but there are opportunities if you can dig them out and are willing to do the operational legwork.

Hey @Brett Baker, generally, any place with a great water view or directly on the water will bring more revenue.Of course profitability will all be based on purchase price and prevailing nightly rates in the area.If you find a cool 2/2 or 3/2 right on the water with a great view for 1.5m or a 2/2 or 3/2 house a block away for 600k, then I would look at the house over the condo.

If you don't have appreciation capex will wipe out your cash flow. 

HOA will eat up a lot of your money. 

So, what is happening today is not as important as what will happen in the foreseeable future.If rents are increasing faster than inflation (I use 5% per year as an average rate), then it may be worth holding the property, since your cash flow will increase as rents rise.However, in your post you stated, "Mortgage rates have kept increasing as well, that's why I put a range on negative cash flow."

It will teach you so much, has the best financing options, least amount of risk, and will let you know if you want to be in this business or not. 

I''ve only heard of ones existing who work on large constructions projects, not small single family home investment properties.City inspectors will inspect as part of the permit process.

I have a cosigner willing to help, but Im unsure whether they must be in my LLC or can just be a guarantor, has anyone dealt with this before?