@Karen FaulknerWhat is best for you depends on so many factors.

What occupancy percentage and turnover cost did you factor in?

It's arguably the #1 most important factor to a listing, be it for leasing or selling.

- Depends on a variety of factors Also, as a real estate investor, can I write off 100% of the education travel for real estate, such as the Bigger Pockets Cancun conference?

If you're looking for strong cash flow, the Midwest—places like Ohio or Detroit—can be great options due to lower property prices and higher rent-to-price ratios.On the other hand, higher appreciation markets, such as California, come with higher entry costs but often provide significant equity growth, even in the short term, if you buy wisely.If you're considering short-term rentals (STRs), your focus should be on factors like occupancy rates, average nightly rates, and regulations in the area.

While the cost can vary depending on the scope, zoning, and materials, I’ve seen similar projects run anywhere from $50,000 to $150,000, depending on factors like plumbing, electrical upgrades, and structural work.If you’d like, I can connect you with a few contractors or architects in Chicago who specialize in basement conversions.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Beautiful renovation and design choices!

Be sure to factor in repair costs to keep things profitable.

Most (not all) HELOCs require that the property is titled to an individual (not LLC) and are full doc, meaning your employment history, income, DTI etc will be factors.