Even better, I might be able to snag it well under market value since it's an estate sale that's been sitting on the market for nearly 200 days.Here’s the challenge: while I could afford to purchase the property under market value, I’d be stretching my budget thin to cover the mortgage during the period I’d be remodeling the basement to make it rentable.

One thing to be aware of is the FHA multifamily self-sufficiency calculation which determines if a property can generate enough rental income to cover its mortgage payments.

I ran into 1) not covering RE in CA 2) not covering vehicle in CA 3) requiring all our insurance to be with the insurer providing the umbrella policy.  

There are short-term rental management companies that can help with that.One that I work with in Michigan covers the entire state and can advise on local short-term rental regulations or regulations that may be on the way, they can give you an analysis of the demand for short-term rentals in that area, nightly rates in that area, monthly occupancy percentage, and projected monthly income.They also let you choose the level of service you would like from them from full service to minimal.To your success!

Here’s how to handle those:•Negotiate inspection costs into your deal—in some cases, sellers will cover them.

What I'm gathering from these responses is not necessarily an encouragement to sell and that instead to take precautions to decrease the fire risk and ensure that insurance is covering things like wind.

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.

So, often times even if 1 or 2 of the units in the building are not generating any rent, the remaining rents are still enough to pay for all of your property’s expenses and you don’t have to come out of pocket to cover them.

@Michael Fucillo haven't played with RentVine also.Would recommend Buildium for what you need as it covers all the basics.Everything else is more geared to managing for others.

This is the percentage of costs (purchase and rehab) covered by the loan.