Why not joint venture with someone who has money, fix & flip itWhy not rent it out for at least the monthly carrying costs.Why not sell it on a lease option, get 10% cash up front to fund school? 

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

So, if a home is renting $800/month, we as the property management company receive $80 per month. 

The lender will require that you live in it for 12 months and then you can rent out all of the units after that and start the buying process using the same strategy all over again after that 12 month period.  

@Sebastian Nadal for background checks, I use stessa/rent prep that’s available to us through biggerpockets tools.

They told you the rent amounts, they should tell you whether they have leases or are month to month. 3.

I rented out the additional bedrooms to friends and family, charging them well below market, and sold when it was time for my wife and I to start our own adventures.

In my case, I rented for one week in July and one week in August, so the owner technically shouldn't have any more guests for either of those months.

I've considered areas close to the Falls, but sellers seem to price it a lot higher assuming the buyer can make it up renting it short term. 

I’m looking to connect with those of you who are actively using or interested in the BRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy to scale your rental portfolios.Whether you’re new to BRRR or a seasoned investor, I’m here to discuss best practices, potential local opportunities, and ways we can collaborate to make your investments efficient and profitable.