Stuff happens, who knows what hidden BS can be found on a purchased property ESPECIALLY a D-class "garage price" home.

Purchase price: $990,000 Cash invested: $350,000 Purchased this home with my former partner back in 2018 and we put 200k down.

Quote from @Jonathan Snider: I have been saving up for a while to purchase my first STR.

I want to purchase my sisters house as my first investment.

While not mandatory to purchase in an LLC, I would recommend it.

If you are going to be doing the rehab work in exchange for equity then that value needs to be determined up front with a specific timeline that you have to adhere to in order to earn your equity.

I will give you my numbers since we are 3 years into Velocity Banking.Home was purchased at $410k.Interest rate: 3.125%30 year termMortgage payment is around $1950 (includes insurance and property tax)HELOC: 8.25% Variable rate - current rateCredit Limit: $97kLet's say I made $10k a month and our expenses were $6k each month including the mortgage.

Your real estate agent will help determine what level of staging will make the most impact on your house and market.They can help you decide if professional staging is worth the investment, or if you can knock it out with their advice alone.

Your drive and determination will take you far—keep pushing forward, and success will follow!

If you used them to purchase another rental/ use for another business endeavor...the process starts over.