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.

Definitely focusing on offmarket or even on market multifamily homes (minimum 4 units). started off in real estate development last 2 years but the paydays are brutal building then waiting to sell.So now looking to switch up strategies to purchase cashflowing properties and then get back to ground up construction or even possible fix and flips. 

Basically, what these guys did to some of our Real Wealth Network members allegedly is:- GEG showed RWN some of the properties they had renovated and leased out to prove their business model- They told our members via a webinar that they buy, renovate and sell rental properties below market value to investors with 8% cash flow- They said they offer non-recourse financing at 50% LTVIn reality, GEG sold properties that were not always renovated - even if the price point reflected a renovation.

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

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. 

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

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

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.

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

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.