Double down and scale in your own market and lift your current team up. 

Startup costs related to the LLC or marketing may be partially deductible in the first year, with the remainder amortized over 15 years.This post does not create a CPA-Client relationship.

However, in this market i find it difficult/impossible to not have negative cash flow after extracting the value add at maximum LTV.  

Obviously the ideal way would be to split the lots and rent the lots to mobile home owners but that seems like a very small market.

if it is a BRRRR you'd pay the seller off when you refinanced into long term debt, either conventional or DSCR.i don't know anything about the location, market, etc. but if it needs a 40K rehab, you need to push the purchase price even lower than 140K, or it will not work as a BRRRR. 

I would suggest focusing on Norfolk over Portsmouth,  its a better market with more appreciation. 

I'd love to hear some more savvy investor's thoughts on Ohio, or a similar market. 

"What Is The Biggest Risk For 2025" And 13 Other Highlights From DB's 2025 Market Survey"The Deutche Bank 2025 global financial market survey had 471 responses from around the world, and was conducted between the 10th and 13th of December 2024.

If the tenants are the issue, they can make it very difficult to show the property and this can create a lot of issues for you during this time.It will also prevent you from selling your home for maximum market value as only few people will want to deal with holdover tenants.

If I can't hit the 1% rule on a real estate deal then it's not worth my time given my experience and options in the equities markets.