So if I buy and renovate for $145K, I need the building to rent for $2900 per month or 2% Price to rent ratio.Using the gross rents and 50% expense ratio(Vacancy, cap ex, maintenance landscape/snow, taxes, insurance utilities), we are looking at a cash flow number of around $1450 per monthFrom this number we need to take off the monthly debt service cost on $150K @6.5% with a 25Y Amortization.so $1450 - $1012 = $438(cash flow after all expenses)I would use this number to see how long it would take me to recoup the money that I left in the deal($120K purchase and $25K reno)Take the actual loan amount $141K - Purchase and reno $145K, so there is $4K left in the deal.It will take you around 9 months @ $438 per month or so to have $0 money into the deal as the $4K left int he deal will be recouped by then.Here is where the compounding starts as you have no money into the deal and you repeat this process over and over while building equity year over year.All the best!

Highlight the property's cash flow, recent renovations, and minimal hands on effort required.Facebook Groups & Real Estate Forums: Join groups focused on Florida real estate investing, out of state investors, and passive income opportunities.

Right now, I’m focused on stacking capital, growing my network, and refining my understanding of renovations and budgets.

Because flips are considered inventory (not capital assets), profits will be taxed as ordinary income rather than qualifying for long-term capital gains treatment.For tax filing:Report expenses like construction costs, permits, and interest as part of your cost of goods sold (COGS)—these won’t be deductible until the property is sold.Since no revenue is expected in 2024, your S-corp may show a loss, but that loss won’t reduce personal taxable income until the sale occurs.Each partner will receive a Schedule K-1 every year, including 2024 and beyond, as long as the S-corp remains active.Unlike an LLC, S-corp shareholders do not pay self-employment tax on their share of profits.

I would live in it for the next year while renovating it to be ready for STR once I leave the area. 

I am particularly interested in learning about finding good deals, budgeting for renovations, and avoiding common pitfalls. if anyone has any advice, recommended resources, or personal experiences to share, I'd really appreciate it! 

Renovation and improvement costs are typically capitalized and depreciated over time, but a cost segregation study can accelerate deductions, increasing your ability to offset income.

I'd research what rental grade renovations look like.

Over here in Chicago, I continue to share how amazing both the FHA 203k and homestyle renovation products are!

To clarify, I will only discuss renovations for rental properties, not renovations in general.Before you start, clarify your goalsWhy do you renovate a property?