Emphasize how this arrangement could work to their benefit, offering steady income, avoiding a traditional sale process, and giving them the freedom to move forward with their plans such as buying that sailboat and sailing around the world.If they ultimately decide they’re not interested in selling, you’re still in a great position to continue your search and buy your own property in the near future.

The FHA rules/regs (in particular the FHA self-sufficiency test) are applied the same across all markets, and I know for a fact that in rural communities across the country, and big cities that are not particularly desirable places to live, it's not a deal-breaker, I am not commenting on those areas. 

•If it’s a desirable area, tenants will still rent as long as the price is competitive and they feel confident in the property’s flood resilience.

Ask questions to find out about their reasons for selling, desired next steps (i.e. relocation, 1031 exchange, etc.), and anything else that is important to them.Ask follow-up questions to dig deeper and learn more (without being too intrusive) then jot down any relevant notes so that you can reference them down the line during your follow-up calls.

If you are looking to just calculate profitability, set how much profit you want to make then:ARV - Purchase Costs - Holding Costs - Selling Costs - Desired Profit - Rehab Budget (including contingency) = Maximum Allowable OfferIF you cannot calculate those numbers, a spreadsheet isn't going to help you. 

Plus, if the property is in a desirable location, you may have little trouble finding tenants.However, there are potential cons to be mindful of.

There's definitely room for versatility, but being intentional with the amenities that align with your guest's needs will make all the difference in attracting the right guests at your desired rate.

Purchase price: $295,000 Cash invested: $50,000 Single fam home, desirable neighborhood.

They both give me the desired outcome : ''Music in my ears''.

A property near the 606 Trail in Logan Square could command $2,000/month, while the same unit in a less desirable area might rent for $1,300.