This is the 5th Entitlement project I have funded over the last 5 or 6 years in addition I did a 60 lot one in Orlando for a developer there and a 110 lot one in the Atlanta area for a build to rent developer who then sold to Lennar for build to rent ..

Additionally, they should help with coordinating your home inspection and if needed, getting GCs to walk and get you an itemized bid as well!

Additionally, it pretty much the 1% rule as a LTR and would absolutely kill it as a MTR/STR!

Additionally, any existing restrictions at the town level (there are MANY) will be abolished, unless deemed "reasonable" by the state.

Excess depreciation could be suspended as a passive loss unless you qualify as a Real Estate Professional (REPS) or materially participate in a Short-Term Rental (STR)—which would allow you to use the additional depreciation to offset W-2 or business income.

I would have contacted the locksmith tech to get additional details before assuming it was tenant damage.

Additional Considerations✅ Confirm assumption eligibility – Contact the lender directly before paying the arrears.✅ Get everything in writing – Work with a real estate attorney to draft a contract protecting your funds.✅ VA entitlement impact – If you assume the loan, check whether the seller’s VA entitlement is released.Final ThoughtsThis deal has potential, but structuring it correctly is key.

I was fine with all these numbers.Then I met with contractors...First, I wanted to add a new bathroom and approximately 450 sq ft of additional living space.

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

For this I’ve taken the payment amount of the second loan and included it as an additional monthly expense.