@Andrew CosmeYou should close just as if it was a normal sale and get a title company to create the loan docs, get title insurance and sell you the property.I strongly recommend you go through a title company and do not do a closing that was based on docs found online etc.

I would say try Facebook market local groups and other mid term rentals for people who are looking to stay for 3 to 6 months due to insurance claims.

A few things you could consider:House Rules: Make sure you have clear, firm house rules for your STR guests regarding noise levels, shared spaces, and respecting the privacy of your LTR tenants.Noise-cancelling measures: You could invest in things like soundproofing the walls or adding landscaping (like thick bushes) along the privacy fence to further dampen any noise between units.Separate Access: If possible, ensure that the STR and LTR tenants have separate entrances or parking areas.

You can deduct expenses like mortgage interest, property taxes, insurance, and repairs, as well as depreciation on the building (but not the land), which helps reduce your taxable rental income.If you refinance, any interest paid on the new loan would also be deductible.

So for these locations, leasing to a car lot is a “tax payer”; no cash flow just enough rent to cover the insurance and property taxes and perhaps a moderate loan service.  

Also, would you suggest using professional firms to do the hiring process or should I do on my own to save money?

Hello everyone,I'm in the process of purchasing my first fourplex rental property, wondering what other investors in the area use for rental property insurance in the Cedar Rapids area.

You are responsible for obtaining your own casualty and liability insurance. 

I've told him no multiple times, that I'm firm on the agreed upon price since he had time ample time for due diligence and if he wants lower, then I want to void the cancel the sales agreement so that I can put it back on market. 

You have to screen the company to verify they hold the appropriate licenses, insurance, etc.