Ideally, you'd want to have signed leases from each tenant, but the strategy part of it is that you also wanna make sure that you don't run people away while you are either increasing rent or preparing any units that are currently vacant.I would probably take a step-by-step approach.

@Simone Montague-Jackson glad to see you are taking action!

What does it take to get out of the whole deal?

The expensive one MAYBE 7-12, 14 if you take extra good care of of it. 

I have some upcoming turnover in the next few weeks, I basically just need someone to market the property on my behalf, screen potential tenants, and get the rooms filled then I can take over.

I spoke with them directly and they didn’t want to take ownership of it.

The trades didn't pay as well back then so after high school I got an associate of liberal arts ( auto repair ase certification) then continued learn in ng took hydraulic system repair and building pumps included and until an injury in2003 was a journey iron working doing structural installing commercial doors where they originally were not designed to be .always running my own side home repair business and taking any chance to learn anything new or a better way to do things because I feel if you aren't moving forward you are  stagnating .I wanted to just say thank you for accepting me and I am grateful for any and all recommendations,tips or critiques as I strive to become the best version of myself I can .

I was playing with the idea of selling my condo, taking 300k of the equity to put a down payment towards a house listed at 660k.I'm assuming the reno will run $300/sqft and going in with the assumption that phase 1 will run 750k (figure the expansion of the house will have to wait) for the gut reno.I assume/hope (but definitely not banking on) that I will be able to refi in 2-3 years at a lower interest rate; if not for a lower rate.This will likely be a family home for the next 5-10 years at LEAST so investment value isn't quite at top of mind ATM.Questions:Even if it's not for lower interest rate, do you feel it's advisable to refi to remove the 203 loan in the future?

I am 20 years old and this year I decided to take my path into the real estate world.

Hey Andre,There are multiple HELOC products out there which can close fast (within a week) & are not based on Tax Returns etc. and will still take income as long as your friends income is getting deposited into the Bank account.