This way you learn and make a return on your money.

I agree that is will be a gamble as to how well it will do.Also, ask the owner if they will entertain partial owner financing to keep from dragging family and friends into this risky business venture.Maybe even rent from owner for a year with right to sublease to see how it goes before committing to a purchase.

These were investments, the value of the assest are there, its the liquid that ran short and had to resort to credit cards to fix up the propertyYou spent $50k from savings, borrowed $50k from a 401k, and are paying it back over five years at around 7.5% interest, then borrowed another $40k from credit cards and are paying that back at around 8% interest, maybe more.

As you look deeper into Cleveland, check out The Ultimate Guide to Grading Cleveland Neighborhoods.

You have a lot of resources at BP and in this feed. 

Some of the issues I have clarified so far from this and other forums:1.

I just got done analyzing this property with the Fix and Flip Analyzer.

For others that don't do this day to day, it may not be so basic.We use FINDIGS.

high interest rates have hurt cash flow and long term rentals are still a great investment... they're just not going to throw off rental income in the first few years of ownership.

Quote from @Mya Toohey: With my STRs here in Tampa Florida.