Lots of restaurants and improvements to businesses in the downtown area and it seems that the city is trending in the right direction for longer term appreciation.

Property needed some TLC as it had some termite damage and active infestation at time of move in, got quotes from contractors to replace some studs but all quotes came in too high so ended up doing most of the work on the home myself which meant the home sat vacant until January 2025 at which point i placed on rental sites but still waiting for vacancy to be filled.

You can list the property as a "net listing" and take the difference over what the seller is willing to sell for that way. 

That being said, every FHA loan has UFMIP which is 1.75% of the loan amount, as well as monthly mortgage insurance pmts that are about 0.5% of the loan amount annually.

Together we make about 120k-ish and as were doing this, were actively paying down our credit card debt which together is about 20k at the moment, just fyi.I feel like this is a solid plan, but I'm not too big headed to admit that I don't know everything.

Welcome to the tribe!

I've used this strategy in a similiar situation wherein the repairs needed to the property were made part of the agreement and the tenant buyer took possession with repairs needed and fixed the property to livable condition.Also in the scenario I received $5.5K down payment on a 3 year term $1200 per month and P/I cost me $550 and I paid taxes and insurance. 

Personally if it is generating $110k cash flow whether before or after taxes, I would just sit in it.  

Podcast is the first thing you can start listening to understand all the relevant terms for real estate investment.For initial deals, BRRR is little bit difficult to get started without lining up the lenders.

We all know of the smoker who "just quit" but resumed or "just smokes outside so that's really not smoking" until it's rainy or frigid and they have the excuse "Well it's miserable out there!