Its a great idea, but you will need to consult the township in order to understand their requirements for liveable space.

A big reason is the OO requirement to rent the JADU as its own unit,good luck

Most if not all of these properties require SIGNIFICANT cap ex rehabs and conventional financing won't touch them; you'd likely need to go the hard money route at 10-12%, 2 points, 12-18mon turn around.

Start by getting pre-approved for a loan, ensuring your credit score, debt-to-income ratio, and finances meet lender requirements.

So we shall elucidate five myths and truths about investing in them.Myth 1: Distressed Properties Are Always Money PitsMost people think that distressed properties require major renovations, which wipe out profit returns.

Every job I see requires 3+ years of experience and knowledge of multiple different programs.

Managing self-employment income requires tracking eligible deductions like business expenses, home office use, and retirement contributions.

The other property is a cottage built in the mid 70s and requires significant electrical/plumbing work to bring up to code.

@Eric Smith A 1031 exchange with a related party is possible but comes with strict IRS scrutiny and holding period requirements.

The last few years have been great for investors/homebuyers who bought pre-con, but looking back to the few years after the 2014/15 boom, this wasn't the case, where many had actually committed to buying a property that wasn't quite worth what they signed up for closer to closing because the appraisal weren't matching the contract price, requiring a cash top-up.