Quote from @Jimmy Lieu: Quote from @James Wise: Quote from @Jimmy Lieu: Quote from @Alex Clark: Looking to buy a property in OhioHi Alex, I'm very familiar and have worked extensively in both markets.

Then utilize the same designs.

Just a builders risk policy if you are doing an extensive rehab on the property and then a landlord dwelling policy when the property is rented.

@Kyle Trotman If you purchased with a hard money loan conventional lenders will require extensive seasoning to utilize the new appraised value for cash out. 

They provide one-on-one assistance from my specially assigned   advisor if I need more extensive assistance for an hour a day during zoom, in 15 min interval appts.

I bought these two houses that were next door to each other with a partner using hard money (3pts, 13% interest, and 1% extension fee every 3 months after the initial 6 month term).

Converting properties to multi-family is considered extensive rehab and those programs are a little more exclusive than the standard bridge loan programs. 

Here are a few to watch out for:Property Condition: Most distressed properties need extensive repairs or renovations, which add to your initial investment.Competitive Market: With Phoenix's popularity among investors, competition for the best deals can be intense.Complex Deals: Foreclosures, auctions, or short sales are much more complicated compared to regular real estate transactions and usually require specialized knowledge.Tips to Successfully Navigate the MarketDo Your Research: Understand the local market conditions, including neighborhood trends, property values, and potential rental income.Build a Strong Network: Work with professionals who specialize in distressed properties-such as brokers, contractors, and legal experts-to make the best decisions.Assess Costs Carefully: Factor in the cost of repairs, holding costs, and any potential financing issues when evaluating a property’s profitability.Be Patient: Finding the right distressed property takes time.

We have found it for number years so the value of the property has went up plus I did an extensive rehab.I owe about 215 not counting the last rehab that was about 60 K out of pocket.

Since then, we have been dedicating our time to learning as much as possible—reading extensively, analyzing potential deals, and listening to BiggerPockets podcasts.After careful consideration, we decided to sell our current home and rent instead, allowing us greater flexibility as we begin our real estate investment journey.