What was nominally a 52k down payment turned into close to 100k--12k in closing costs, 12k in extra payments, and about 25k in labor to help me get it ready when I realized I couldn't get it all done by myself working evenings in a reasonable amount of time (plus I knew I couldn't do the egress windows myself). 

Construction costs, Labor costs, interest rates and Maintenance costs have skyrocketed over the years.

Quote from @Jamie Parker: Quote from @Joe Villeneuve: What happens when you make 10,000 calls, and get very little money out of it? 

Quote from @Joe S.: How could you afford a $3k plus rental and making an issue of an extra hundred dollars? 

There is a world where you could use a HELOC, but the line of credit you'll be able to get won't be big enough to justify the labor that goes into underwriting and servicing. 

Building codes change and labor and materials go up.

It’s important to have a clear understanding of both hard and soft costs (labor, materials, permits, etc.) to assess your budget accurately.Projected Rental Income: Research the rental market in the area.

Hello Sam,I am new to creative finance as well  I have been listening to the Creative Finance Playbook Podcast with Joe and Jen.  

What about the second and third year when you no longer have the labor-intensive initial setup?

@Joe S.