.- To utilize the Mills Act requires a few things: An application (not free), inspections, and most importantly a contract with the city in which you promise to rehab and maintain the historic nature of the property.- The inspections are only 5 years, but tenants are not likely to take care of them home as well as you, and refurbishing hardwood, lath and plaster, and anything else is going to be much more expensive than the typical Landlord special (white paint, and grey LVP)It will all come down to making your numbers work.

You could also use a Fannie May Home style renovation loan which a conventional loan and require 5% down vs.

Its a great idea, but you will need to consult the township in order to understand their requirements for liveable space.

A big reason is the OO requirement to rent the JADU as its own unit,good luck

Every job I see requires 3+ years of experience and knowledge of multiple different programs.

Most if not all of these properties require SIGNIFICANT cap ex rehabs and conventional financing won't touch them; you'd likely need to go the hard money route at 10-12%, 2 points, 12-18mon turn around.

So we shall elucidate five myths and truths about investing in them.Myth 1: Distressed Properties Are Always Money PitsMost people think that distressed properties require major renovations, which wipe out profit returns.

The other property is a cottage built in the mid 70s and requires significant electrical/plumbing work to bring up to code.

Start by getting pre-approved for a loan, ensuring your credit score, debt-to-income ratio, and finances meet lender requirements.

Managing self-employment income requires tracking eligible deductions like business expenses, home office use, and retirement contributions.