Let the condition of your walls and your ability to patch be your guide.

., you may consider conditionally approving with a higher security deposit (or alternatively, use an insurance policy - "fee in lieu of deposit"), first and last month's rent.

I didn't come across this condition.

What was the condition of the property?

The other lesson I learned is that the right fit for me in this investing process is to long term hold the properties I purchase, rather than flip them, unless market conditions are so good that flipping makes sense.Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Any tips or insights navigating the current market conditions?

I can help you explore refinancing options in the future to lower your interest rate, especially if market conditions improve.Living in the property for 18 months while renting a room can help you offset mortgage payments and reduce living expenses.This strategy also gives you time to understand the local rental market and plan for full rental income after you move out.Fixed-Rate vs.

Despite the home not being in terrible condition, they left a bunch of trash and old furniture behind.We knew that if we could keep the renovation budget at $40k, we could keep the sales price under $300k.

Depending on the condition of the floors, you can use a large pad sander or a barrel (tube type sander).

Here are some considerations for commercial real estate:Higher Income Potential: Commercial properties often generate higher rental income compared to residential properties, especially in prime locations.Longer Leases: Commercial leases tend to be longer (5-10 years or more), providing more stable cash flow and less frequent turnover.Tenant Diversity: Depending on the property type, you can diversify your tenant base, spreading risk across multiple businesses or corporations.Market Dynamics: Commercial real estate can be more sensitive to economic cycles and local market conditions, requiring a deeper understanding of business trends and tenant industries.Purchasing: Generally, commercial real estate will require 20% down.Choosing Between the Two:When deciding between commercial and residential real estate, consider these factors:Investment Goals: Are you looking for steady rental income, long-term appreciation, or both?