It is 7% interest only with balloon at end of 7 year term.Monthly Interest: $7,875.00Annual Expenses: $50,000.00---------------------------------The NCF in year 1: $26,000.00+2nd year is when it really takes off at $80,000.00+ Thank you for the advice on looking at refinance a bit closer.  

The BRRRR strategy is a systematic approach to real estate investing that revolves around five key steps:Buy: Purchase a property, often below market value, that has potential for appreciation and improvement.Rehab: Renovate the property to increase its value, make it livable, and improve its rental potential.Rent: Find reliable tenants who will pay rent, allowing you to generate consistent cash flow.Refinance: After the property is rehabbed and rented, refinance it to pull out the equity you’ve built through the renovation.Repeat: Use the cash obtained from refinancing to fund your next investment property, starting the cycle again.Step-by-Step Breakdown of the BRRRR MethodLet’s take a closer look at each stage of the BRRRR strategy to see how it works in practice.1.

I'd only add to get a professional inspection done with a very thorough team.

Here are some key elements to include:Lease Agreements: Ensure your contracts reflect the latest laws, such as notice periods for entry or rules around security deposits.Fair Housing Compliance: Familiarize yourself with federal, state, and local fair housing laws to avoid discriminatory practices.Property Standards: Regularly inspect your properties to ensure they meet safety and habitability standards.Tax Documentation: Keep accurate records to comply with tax reporting requirements.4.

Illinois is a great market, but I agree with most that it would be much easier if the investment were closer to you.

I’m also in the process of launching a new home inspection company, which I’m confident will help me get back on track financially.

He was there for the inspection and followed me from door to door then I realized why.

Connecting with them directly will help you get a better sense of voucher amounts, inspection standards, and timelines.

I do have several S8 rentals, while they are generally performing well, there is more paperwork involved in the leasing and the strict inspections can be quite a pain. 

For example, State Farm typically requires the latest inspection report for underwriting on multi-family properties that are over 30 years old.