If you’re considering financing renovations, look into renovation loans that cover both the purchase and improvement costs.It sounds like you're making progress in navigating this situation thoughtfully.

Keep in mind that Section 8 tenants generally pay 30% of their income toward rent, with the rest covered by the voucher.How Long Until Move-In?

Operations Manual: Create a detailed operations manual covering processes from acquisition, development, and property management to sales.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

For example, wood rot is not covered in most policies.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Make sure to draft a solid operating agreement covering decision-making and profit distribution.This post does not create a CPA-Client relationship.

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

You must do everything you can to cover your arse.

I would focus on getting that househack first.You can take advantage of a lower downpayment, get a roof over your head, and an investment property all in one.