We're excited, we just closed on a foreclosed cottage in a resort area in northern Michigan. 

Hey guys, I want to make sure I fully understand BRRR and that it's possible to utilize in the situation which I'm looking into...I'm looking at small cottages in Florida that are in the 30-50k range that rent for around $800 My example: Purchase a $31k home with a hard money loan (Is it likely they will loan $46k to include repair cost, likely not correct? 

If you have no experience you will probably not get any financing and will need to do the entire project out of pocket.That's a hard one.. we all have to start somewhere and most that start are in the trades and understand how to build and what it takes.. easy to get burned big time.That's why you have this whole cottage industry of fix and flip most anyone can buy a run down house and get a contractor to fix the kitchen bath and other items but from ground up that's a whole nother kettle of fish

We were barely getting by...macaroni and cheese and overdraft protection on our checking account were our two best friends.Around that time my mother had no place to live and found her way to our couch along with my two much younger sisters. 

I have a 1/1 cottage behind my house here in Austin and it does $1500 a month. 

-These could be a combination of small houses, cottages, duplexes, conversions, legal non-comforming, small apartment on a SINGLE PARCEL.

Here is where we are getting conflicting information and worried about everything going smoothly.We are buying a single family residence that has an accessory dwelling downtown where it is quite common for the old school mother-in-law cottage to be in the back.

We qualified for a 95% LTV, variable rate HELOC at 5.6% starting APRStrategy:The original goal was to convert an external garage into a 2 story cottage.

Hey Latricia,As with alot of neighborhoods on the southside there are pockets that are good and not so good even in the areas that you mentioned..I would say you need a realtor who is familiar with the south side or research the blocks of the properties you are interested in..But to answer your question specifically, woodlawn is nice from cottage groove going east to the lake..A lot of rehabbing and new development going on...Also south shore, Avalon park, bridgeport, pockets of chatham and gresham and Washington heights..Hope this was helpful..Let me know if you need any further assistance!..

I saved up $3K (6 months of macaroni & cheese) and borrowed $3K and got a FHA loan on a tri-plex.