If it provides a nice return on investment and you plan to hold it for a long while, then it makes sense.

I've asked this seller for any documentation he had and he's yet to provide anything.

I have used united granitethey are in willow brook- more south west burbs but i’m sure he would travel. my guy is Oswaldo- DM me for contactyou gotta go to the warehouse to pic out your stone and he doesn’t do demohe charges $200 to provide the sink which is a deal i highly recommend

This is why for an investor who get's to a certain portfolio size where they could just hire someone directly and take on yet another role (employer), there is still value in a PM via the shield a licensed PM provides. 

Just given the information that you provided, I would say buying a house where you can rent out rooms or a separate apartment is a great way to start.

@Jillian Alonge A HELOC provides quick access to equity for your next property but transferring the property to an LLC via quitclaim deed may trigger the due-on-sale clause—check with your lender.

Use the partner to scale, not the refi, split the cash flow according to shares dictate in your operating agreement.There's multiple ways you can approach your situation; I just wanted to provide some fresh eyes from the outside looking in!

Partner Driven provided 100% of the funding, including the $45,000 purchase price and $92,049 renovation budget.

If you provide excellent housing and excellent service it is likely that your turnover rate will be lower resulting in less future vacancy.

I have worked with a number of great CPAs over the years and would be more than happy to provide you with recommendations if you'd like?