If its' long term appreciation (which I'm personally not a fan of betting on) you can look at it as, if you put a small 3.5% down payment using FHA or Fannie Mae, and your property appreciates on average at 3% a year.

However, if the renovation is deemed an improvement (since it involved a full renovation), it likely needs to be capitalized.

Hey @Austin Wolff - You bring up some good points about knowing the house better than anyone when you build new if you are actively involved and onsite regularly, but I'd get behind @Jay Hinrichs, in the sense that the numbers don't always allow you to build new.Here in Chicago, new developments are super pricey, and even the BEST DEVELOPERS HAVE SLIM MARGINS. 

However, you really only need to have the septic inspected if you are purchasing a mobile that will stay on the property.A septic inspection typically includes a sewer scope, which involves a small camera being fed through the plumbing.

Secondly I just finished "Real Estate by the Numbers" also by Dave Meyer - even though I have a business degree and am actively involved in investing it was a really great refresher on not just the numbers and theories involved in real estate decisions but also the pros and cons of different return metrics and how all the metrics relate to one another. 

I also am looking forward to getting more involved in this community. 🤝 Fill in the blank: If I could make a great connection with someone who is an expert in taxes and large Storage at BPCON2024 then I would leave BPCON happy🗓️ What session are you most looking forward to?

My local STRs require me to be VERY involved. 

@Hoai Nguyen suggest modifying your current lease to cover multi-family setup.Parking, shared access, police report required for landlord to get involved in disputes, etc.

Additionally, there may be grant money or other funding programs available to you.Finally, if you get involved with a local real estate group you can likely find other investors that might want to participate in the deal with you.

My local RE group is looking at having a webinar with people involved in those businesses to share their experience and that it's not as easy the social media gurus say it is If you haven't already joined a local meet up group, I'd recommend that to help you narrow down your strategy and market.