Keep in mind that Section 8 tenants generally pay 30% of their income toward rent, with the rest covered by the voucher.How Long Until Move-In?

If you’re considering financing renovations, look into renovation loans that cover both the purchase and improvement costs.It sounds like you're making progress in navigating this situation thoughtfully.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Operations Manual: Create a detailed operations manual covering processes from acquisition, development, and property management to sales.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

Make sure to draft a solid operating agreement covering decision-making and profit distribution.This post does not create a CPA-Client relationship.

You must do everything you can to cover your arse.

.), Designing and Furnishing (amenities, design, theme, linens, etc), and operating (Insurance, Property management or self-management, Tech & Tools, Cleaners & handy people, etc)All of these could be covered depending on who you work with that can cover each topic. 

At the same time no matter how much excess insurance coverage you obtain, there will always be a policy exception for gross negligence and even negligence will likely be covered only under reservations of rights meaning the carrier can opt not to provide coverage.