This is obviously much better than $1,400 per month.On top of that, you will now get 2x the depreciation write-off so your taxes should go down.On top of that, you will now get 2x the appreciation when real estate price go up.On top of that, your tenants are helping you pay down the loan, initially at about $100/mo for both properties, which gradually gets better and better.On top of that, you now have more units so if one or two goes vacant, you have more renters covering the losses of the vacant units.If you want to keep these properties, I would do a cash-out refi and go buy more rental real estate.

Moving there initially since low down then ideally want to rent some rooms to cover mortgage!

The initial plan was to do minor cosmetic things and bring the kitchen and bath up to date but not knowing this fact made our $5,000 budget go to $50k costing us the two year full rehab.

You'd also need to establish a budget, and secure a master insurance policy. i THINK you need to do these things before reaching out to your municipality to have it converted officially with the county or city but they would be the first ask for steps in order.i will add, this would make financing on these units a bit challenging, as in the mortgage world, at least initially, they would be considered "non-warrantable" condos.

@Richard Herro Jr.It's great that you're taking the initiative to learn and connect with other investors!

After that initial down payment, the bank will basically be financing your investments.

I’ve been investing in Detroit for years and built a 12-door portfolio that generates $16,000/month in gross rents.

So far, I've used Facebook Marketplace, Zillow, Roomies, Craigslist, and Roomster, and I was able to get some level of interest initially, but haven't had a ton of luck since then, so I'd love to hear some ideas. 

An update one year later after this post, I now have:- Got my property and casualty license and wrote 370+ policies in a year- Saved up a few more thousand dollars in investable cash, paid off $20K in debt and raised my credit score by 100 points- Launched a direct to seller cold email marketing campaign and generated leads for cheap- Got connected with a few real estate investing communities like Subtle Asian Real Estate and Pace Morby's SubTo- Aggressively read and studied as much as I can get my hands onThat being said, I decided to run a marketing campaign to generate distressed seller leads in Phoenix, Arizona, mostly because:1.

Is AI taking over human-generated content for things like sales pages, emails, landing pages, and website copy, or is the future a blend of AI and human expertise working together?