Also, a lot of sellers might be more willing to finance the down payment if they know you're committed and have a clear plan for the property.

I currently live in it as my primary residence but had plans to eventually rent it out and then cash out refi once I reach 20% equity in the property.

The first thing I ask is why am I Buying the property.I always look at the exit strategy first, is it going to be a rental, a lease option sell, am I planning on living in it.

Good call, getting multiple bids is definitely the plan.

I had a similar strategy with my first few house hacks: buy in great A & B Chicago neighborhoods....get by with minimum cash flow, and wait...What's your plan for the next purchase Michael?

do you know how to read building plans or permits?

You understand some of the basic concepts, but also have some giant holes in your plan.

Hey @Megan OConnor, I can't comment on the area specifically but it is doable.You need to search AirBNB and VRBO to get a look at the competition (don't forget to look at VRBO)You have to work into your plans the downturn during the off season.

Sometimes tenants bite, sometimes they don’t, but it’s worth a shot.Owner Move-In: If you’re planning to live in one of the units, you might be able to legally take it back.

I’m at the very beginning of my REI journey and I would love some guidance on how I can best optimize my planning, research and saving phase (which I’m dedicating 2025 to).