We've been managing our own properties for 4 years and for other owners for the past year.We use an attorney because this is a legal process and I want to make sure the right person is doing everything correctly so that we get possession back.

with my agent, knowing the numbers, and finding the correct kind of distressed situation.

The City Inspector does not add on more work...assuming you have the project correctly estimated in the first place.

For our bookkeeping clients, as a placeholder, we usually do an 80 (building) / 20 (land) split until we have the correct figures from the county records (it takes some time for those to post sometimes) so their bookkeeping records show something we can refine later.It looks like you got some good insight from others too!

Thanks for sharing this, it's definitely given me some good food for though.

But if all the info is correct, our rate would be 6.74% with a 1 year PPP.2,500 origination and 1,505 underwriting fee.

As such, if this is not done correctly within Alabama law statutes, it is a costly and worthless effort as it won't provide any protection. 

From the floor joist being cut from the sill plates and the entire house needing brought to level, the foundation requiring correction, to the no slope rubber roof leaking and needing replaced when I say I renovated every square inch of this property I mean that literally.

As far as size, Michael is correct, 4 beds are more will do much better. 

Furnished mid and short term rentals will cash flow if managed correctly and you find the right location and property size.