On the other hand, a detailed quote with a higher total may offer more transparency and reduce the risk of surprises as the project progresses.I specialize in consulting services for situations like this, where I help clients evaluate contractor quotes, ensure transparency, and navigate the renovation process with confidence.

That would be a helpful addition to your plan as you would further reduce your cost of living.Also don’t forget from that $600 you are planning on getting in cash flow you have taxes, insurance, maintenance, capex, and vacancy to consider.With two homes, you may want to keep that extra $20k as an emergency fund rather than spending it on a third property and then be left with no emergency funds.

The client will be solely responsible for capital gains taxes, including depreciation recapture, regardless of the agreement to share proceeds.

By this point, they will have already thought about what might happen if you leave, including the need to turn over the unit and find a new renter.

It’s gotten me seriously considering bringing an attorney in-house to handle evictions and other legal needs moving forward.I’m evaluating this from two angles:Cost Efficiency: With the expense as high as it is, having in-house counsel could potentially reduce costs over time.

Here’s my two cents:Paying off the condo might make sense if your main goal is to reduce risk and enjoy the peace of mind that comes with no mortgage.

Sellers often favor buyers who can make larger down payments, as it indicates stronger financial backing and reduces the risk of the deal falling through due to financing issues.Additionally, SFH properties are more accessible to a wider range of buyers, including first-time homebuyers and families, which can lead to less direct competition from institutional investors.

@Nate Pucel The depreciation basis for a rental property includes the purchase price plus the cost of renovations and improvements that add value or extend the property's life.

Was it included as a credit/debit on the HUD so it should have reduced your cash to close? 

Some programs will do the full LTV that a long term rental would have and some lenders will reduce the LTV by 5%.