Last year I bought my first property at a foreclosure sale in Dane county, a small 2 bed 1 bath condo on the east side of Madison.

I have two HML that are years past due (250k each).

🫣This doesn’t answer your question directly, but the whole concept is very close to the old time “rooming house”.  

Sometimes you can bring to life an old cabinet simply by painting it, putting new hardware on, and maybe updating a light fixture in the room that shines brighter, and not yellow. 

Even if it is for just 2 years.

Have been house hunting for awhile for a primary home or multiple, I am now considering building new rather than buying old ones with high maintenance cost.

In response to your questions:Biggest q i still dont really understand is:- what happens if i refinance before 7yr term or sellAs you'll be the owner, you can refi or sell before the 7 years. 

I think late 2023 was supposed to be the first year we saw profit. 

You are already succeeding by living for free, which will increase what you can save for the next investment.1-2 years later, buy another one and turn the first property into a pure rental.

My experience in a years time clients lose or can't find all the documentation of repairs.