I actually like them because the homeowners' association (HOA) usually covers most of the insurance, and there is very little maintenance required.

Using a HELOC for the down payment on the second home might be an option, but lenders may require you to wait a few months post-closing on the multi-family before approving new loans.The BRRRR-style approach could work if you can renovate and refinance quickly, but make sure the timeline aligns with your lender’s requirements.

If the permit wasn’t required, I wouldn’t have pursued the replacement at this time.

Even if you know the owner like a brother, you need to do your checks and balances.

Its not balance your not going to replace a 3% loan payoff with a 8 % new origination in today market.

The vast majority of properties at their available prices will not meet this requirement.  

This will help you understand the qualifying requirements, key factors to consider when purchasing, and how to assess whether a property might be a good investment at first glance.

Dwelling/Fire policies require that you request a limit for contents.3.

That's a fundamental requirement.

“Broker” is a legal term that often requires standardized coursework and a state license.