I'm not saying that your plan can't work, I'm just pointing out that these types of extremely cheap properties usually come with TONS of unique management and sales challenges that don't occur with more run-of-the-mill properties, so you'll want to study up on those issues and have a game plan before proceeding...regardless of what you decide to do, it may be a good idea to consider how you could leverage this deal as a springboard to get you to other, higher-grade properties......the good news is that you're only $5k into this thing, so you're not in too deep...yet...Good luck out there!

However, there are unique considerations, such as a limited market, challenges in finding qualified contractors, and potentially lower rent potential.

Just like medical, e commerce, or real estate brokerage.  

Investing in older low-rise condos in Miami, Florida, is often overlooked in favor of newer developments; however, these properties offer unique advantages for investors.

Generally speaking you will be able to get 80% LTV on a cash out refi (as long as credit is decent and property doesn't have any super unique qualities).

Even though the LLC is a pass-through organization for tax purposes, you should speak with a tax expert to find out how it can affect your unique tax circumstances.In conclusion, a number of considerations, including as your risk tolerance, the value of the property, the conditions of your mortgage, and your long-term investment objectives, will determine the ideal moment to create an LLC for your house hack.

For older demographics, consider the availability of medical centers, entertainment, and restaurants.Buildings/Permits: Assess the city's growth compared to previous years.Determine if the city can accommodate future supply.Government Regulations: Examine the city's efforts and the type of businesses they are targeting.

Greeting BP community,I have a unique scenario, the tenant that is renting from me moved his GF and her son into the condo.

Some smart BP members have targeted Medical Colleges because they have daddy's Money.

But running a few of my properties (Rural and unique) it was maybe 75% accurate.