A couple of things I like to tell my newbies-Owning a short-term rental property can offer significant financial benefits.

Are there other legal or financial consequences I should be aware of?

Prioritize your financial stability.

We were in a financial position where we could keep our existing home, upgrade, and purchase another home.

Price RangeDefine your financial boundaries based on available capital and borrowing ability:For Class A & B, financing typically covers 75%-80% of the purchase price, allowing you to buy properties in the $6M-$12M range if you have $2.3M total cash.For Class C & D, due to higher risk, the price range might be reduced to $5M-$10M with the same cash.5.

Prioritize your financial stability.

I'm eager to learn about how to find and fund properties that help my family financially and my community with affordable/reasonable dwellings for young families and newlyweds.

@Yents Ybrimovic If the 203k loan only requires 3.5% down and you can finance all the repairs in the loan - then what exactly is your friend contributing?

It's a townhouse in Ohio, and as per the estimated financials, I could be looking at $400 per month in cashflow.Problem is...

Land Loan with 20% down etc.