We've been doing a lot of work on the house but most of it has been minor cosmetic stuff.

With how much equity you have in your primary if it was me I would think about doing a cash out refinance for the whole thing as rates would be lower.

Hi Hazel, I work with a lot of investor clients from OOS and have carefully vetted general contractors that are licensed, bonded, and insured and do great quality of work.

Getting a rental license as an out-of-state investor is doable, but you’ll need to manage inspections and compliance.

Three out of my first five purchases were from the MLS.

Reach out to Lisa Loesel at Short & Suite Management here in Milwaukee. 

To me at my current knowledge level, this deal only works if taking over the loan - to limit the out of pocket money to acquire the property since the outside reno and new septic would take up the bulk of rehab costs. 

----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

i think this is a decision only you can make. im in a similar boat (house hacking my primary) and considering renting the whole thing out to get a solo home for myself. certainly a lot of appeal in that, given how much work goes into the house hack. but whether or not the numbers on cash flow align is up to you. personally i dont think $150 (seems like about 12%?)

Glad to have you as part of this community, Bryce!