Umbrella policies only kick in to cover any excess of what your initial insurance coverage doesn’t cover.

Wholesaler @Chris Piper based in IN suggested what I have quoted below in his initial post about Wholesaling 101 4 years ago (see here https://www.biggerpockets.com/forums/12/topics/862964-wholesaling-101-how-to-wholesale-for-beginners).Do you think 4 years later, in summer of 2024, under current market conditions in Maryland/East Coast it's still a viable method to start marketing?

Often borrowers can obtain lower than market rates or more flexible terms such as interest only for the initial fixed period.

After the initial set up, I go to my STR before the busy season to take inventory of linens and consumables like soap etc, replace or repair linens or small items, touch up paint, and get my eyes on the property to make sure everything is in good repair. 

If it takes 12 months from initial cost to place tenant, that is 12 months that you had expense without income.  

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

I initially got into this home with no money but have done renovations.

Cash break down: 3500 initial investment(fully furnished 3 bedroom 2 bath house) Revenue: 4000/moRent 1000/mo Profit 3000/momy services 500/mo 2500 potential cashflow per month until September 2017 My deals like these usally on last 24 hours and are usually time sensitive but If this sounds lke something you would like to learn more about or if you have cash to invest in a deal or if you have an airbnb and would like to have someone manage your airbnb, contact me for specifics. 

@Kerry Noble Jr That's what I did for my initial inspiration actually!