-Ask how many contacts there would be for a list in these counties: then tell them the counties in your city with this criteria then lay out your criteria:-Start with out of STATE absentee owners.-50% equity or more-I get homes with values between 50K and 225K.

@Jerad GrahamHouse hacking properties should have features like a quadplex with 3-4 bedrooms, flexible layouts, private entrances, and amenities.

Here’s the situation:Key Project Details:•Property Size (pre-renovation): 250 sq. meters (2500 sq. feet)•Purchase Price: 250,000 EUR (1,000 EUR/sq. meter)•Renovation Costs: 750 EUR/sq. meter (includes kitchen, appliances, quality furnishings)• Loan costs (during renovation and renting): 350 sq. meters (due to attic expansion)•Property Size (post-renovation): 350 sq. meters (due to attic expansion)•Post-Renovation Layout: 2 separate apartments•Airbnb Income (24 months): 2,500 EUR/month/apartment (= 5,000 EUR/month)• Other running costs: 600 EUR/month•Projected Sale Price (after 2-3 years): 850,000 EUR (approx. 2,500 EUR/sq. meter)•Closing Costs: Negligible in Tbilisi•Real Estate Agent’s Fee: Typically 3%, but negotiable based on who hires themFinancing Setup:•Property Purchase Financing: 100% bank financing at 5.9% interest (bank has even financed 150% to cover some renovation costs in the past)•Renovation Financing: Our friend is offering to finance 250,000 EUR in cash for the renovationsProposed Partnership Structure:•Work Involved (on our side): Full renovation (10-12 months to complete), furnishing, and property management through Airbnb until the sale (2-3 years)•Profit Split Proposal: 60% (us) / 40% (friend providing renovation financing)Questions for the Community:1.Does the proposed profit split (60/40) seem fair, given the work we would handle (renovation, furnishing, property management)?

For reference, I had a renovation that we redid ALL plumbing from under foundation to all new kitchen and bath layouts.  

That's a great way to put it.Hi Guys,Yes, that will be the move, I already know and have sketch of 2 ways to do it, I didn't want to get into a crazy rehab now, till I make sure my contractor is a team player and he will be able to do so, my idea is to add SF and create a master sweet, let's see if the numbers work fist, this is something I will do after the property is stabilized, I think I can get my capital back and some more with the 3/1 layout now, I will keep you posted!

If you’re just saying the survey cost of getting the existing building layout documented is too much, you might be able to get creative and avoid the costs, but it’s not a great bet to make. 

If you can design the layout to maximize rental income, it could pay off in the long run.- Learning Opportunity: Having your friend as a general contractor at a discounted rate is a fantastic opportunity.

This was the ideal value add situation, where I didn't have to change much on the layout.. mostly just design.

All the units look great and done in workmanlike manner but the 2bd/1bath unit has a funky set up and layout where it looks like it was pieced together. 

I agree with Colin, everyone's circumstances are a little different and while I would take feedback from non-CPA I would only trust a CPA with questions that are that delicate.