Eliminate debt, establish a budget, and save.

Also have made it easy to see if you offered a certain amount, or changed your rehab budget, how that would affect your return. 

Luckily this was all accounted for in my budget, but it was still a slow and expensive process. 

Just know them going in so that you can properly budget.

I am ready and will be starting with property number one sometime, hopefully, quarter one of 2025 with a possibly 2 bedroom and 1 bathroom single family home; as this is within my current budget.

So it looks like we are already over Our expected budget and approximately 75% done in guessing. 

You'll still need some liquidity for reserves and to be reimbursed for work completed in draws, however its usually limited to 10-20% of the rehab budget needed in reserves to make the deal work.You're welcome to DM for more details if interested. 👍 Good luck!

I figured this could possibly put me in a good position for a cash-out refinance when I’m ready to move on to a second property.If I stick within my budget, Philadelphia seems to offer the most housing availability, but I’m concerned about most houses available being in rougher neighborhoods.

Eliminate debt, establish a budget, and save.

Since you won't be able to recognize it as a valid rental if you're charging under market rent and you also expect to be covering any house expenses that are outside of her budget, this seems the best choice.