Maintenance and potential repairs will also require a long-term financial plan and setting aside a contingency fund for such expenses.The steady cash flow, appreciation over time, and tax benefits can make a meaningful difference to your wealth in the long term, especially with the principal paydown on the mortgage.However, if managing the property from a distance feels too burdensome, or if you’d prefer the certainty and flexibility that comes with having less debt (especially given the high mortgage rates), selling and using the $100,000 in equity to reduce your loan for your next home may be the smarter move.

The sofa bed was always temporary, and I plan to replace it with a queen + twin bunk setup, bringing the total occupancy to 7 long-term.To maximize income this summer, I’m debating keeping the sofa bed in a spare nook, bringing capacity to 9.

Have you considered investing in any other markets and how you plan to manage the property? 

It’s a good plan, to me at least.

I would plan to long-term rent the property from day one and would never reside in the property before renting.  

Only thing that has happened is that remaining tenant is paying both portions so there is no eviction.I'd speak to the remaining tenant and find out what happened and what is the plan moving forward.

My husband is soon to separate from the Air Force and we are planning to create a lifestyle where we could work remote from anywhere.

This spring we are going to work on the landscaping, which was the original plan anyway.

If the house has a septic system, especially if it's an older one, it's worth the investment to have a septic inspection done.This concern is particularly relevant for those planning to buy and hold the property rather than simply fix and sell it.

We plan to share ownership of the property as I am going to invest my money into developing (building a Detached ADU in the back) and re-modeling the property so that we can collectively sell it for a profit.