Quote from @Michael Daniel: Purchase price 70k currently renting for 900 ARV between 110 - 140k need about 25k in repairs in my opinion@Michael Daniel Do you think you can raise the rent after the finish the rehab?

Being able to raise rents after the rehabs will sting at first (up front) but will definitely help moving forward with cashflow.as mentioned above, staggering leases could help mitigate. 

This raises a question because we had a lease agreement on file showing a rental amount of $2,000 per month."

The previous owner took exceedingly good care of the building and there was nothing that need to be done except to raise the rents.

Which is very complex and costly and likely warrants professional help.Now, if it's just you and your spouse, then your 2024 tax preparation is likely relatively straightforward:- you will create a Schedule C on your personal tax return- you will NOT report any costs of purchasing the property or its rehab, not in 2024- you will report your business overhead expenses such as marketing, driving, technology etc- you will end up with a business schedule showing zero income and some expenses - not breaking the rules but potentially raising an audit flagCan you do it yourself?

The Charlotte rental market is experiencing significant shifts, and it’s raising some important questions for both investors and property owners.

One of the LP just emailed me and said they are raising 65k to enlist help from this company.

If tenant raises factual defenses such as falsifying the lease or claiming they paid rent, there would be a brief trial which you would be prepared to testify against. 

They stopped paying the lender and wanted to work something out with the lender but the time is running out (ie the management company did not do any significant improvement during the forbearance period) One of the LP just emailed me and said we need to raise 65k to enlist help from this company.

The mortgage was also raised due to insurance issues to about $1,950… so I am not making much cash flow, more like a cash trickle.