I'm here to grow, learn, and build a community in the Staunton, Virginia area.

All my properties are true multi-family, More than 5 units per building.

If you are not building in sufficient capex, then these costs could be higher, if not much higher.

The current tenant was already in place when I purchased the building, and their lease is set to expire in a few months.

These would be bare rental units where tenant builds to suit or we could with appropriate rent charge.

Helps with your debt to income, better opportunities at cash flow, and typically requires less down to purchase.In regards to challenges, I usually build in an extra 10-15% to deal with things that I can't see behind the walls, including dry rot, electrical or plumbing issues, etc.

If you can get good at networking and building relationships by establishing rapport, you'll get ahead much quicker in this niche.

Anyone who managed to do this probably did it 5+ years ago when the market was very, very different.If you borrow $200,000 to build an ADU, I suspect you would need to rent it for $5,000 or more to make the numbers work.

The reason for this is there is certainly a lot of heavy lifting of resources required by a property management team to bring on a new resident including rent collection, setting proper expectations, accounting and building a positive relationship in the first month.As far as the quick re-rent of your home, I was hoping that would be something in which you'd see the value of working with us. 

The initial plan is a 1200 sf build out with plans to expand back away from the cliff later as finances and interest rates are more favorable.