I’m also open to any advice or help that may benefit someone like me who’s totally new to real estate or better yet new to investing and creating a portfolio all together.

If your purchase price (always the largest expense) plus the rehab estimate (the second largest) total no more than 70% of the ARV, the remaining 30% must cover your HML charges, agent commission, property and hazard insurance, property taxes, title insurance, escrow, staging, all else, and your profit.

The most obvious is that you will be able to offset your mortgage with renting out a few rooms.

What is the total monthly rent?

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Brass tacks:4 months into the dealVisited the property a total of 5 timesHired a contractor local in that areaSplit just about $100,000 between my partner and I.

What I mean is, the payments made to the seller, is the total payments consisting of principle/interest, property taxes and mortgage insurance all wrapped into 1 payment and made to the seller?

The house is completely totaled and cannot be sold now, unless I dump in another 100k.

Obviously this is a huge concern, as a tenant could sue you as an individual for liability of the property, and in a country like this that could bankrupt you.

Thank you @Kate Stoermer Totally agree.