The more rehabs you do the better understanding you will have of the market for contacting work and materials.Doing a rehab every so often prevents you from being sharp with your budget.For those with limited exposure, ask others in the industry and always run your numbers based on being overbudget and overtime. 

Most cities don’t want a mobile home park in their city limits because the tenants take more money out of the tax system than they contribute.

So, you are not at limiting your self when buying a new property.

Following Up + More details: @carolineOur utilities were also opened using an LLC but since the power had actually been shut off the problem mostly came from ICE sending someone out to turn it back on plus installing a new style meter (which had to be approved by our HOA but that was another matter entirely and not particularly difficult).Opening a bank account with BCR as an individual is easy and you can get an atm card in about 3 days but you will be limited to holding only a thousand dollars in it.

I would say for most people, the 1st position heloc is no a good bet, especially if you have a 1st mortgage rate of less than 5%.Using this strategy with a 2nd position heloc can be just as powerful, so you can have your cake and eat it too!

@V.G Jason It is true that a duplex limits your rental pool. 

I'm sure there are other similar services out there. 2) DSCR loans would probably be your best bet.

PM's will have plenty of contractors to help streamline the process for you and limit your liability when dealing with contractors. 

Your income isn't high enough for it to make sense as a rental and the closer you get to your residence limit the greater pressure you will have to sell it before losing your exclusion in whole or part. 500k right now can make $15k per year income with zero maintenance or tenant risks. 

Failure to meet material participation rules will limit rental losses to offsetting passive income or carrying forward.This post does not create a CPA-Client relationship.