I have been digesting all things Real Estate so right now I am working to lower my DTI while saving at least 6-7% for the Owner Occupant down payment (to include closing cost, etc.).

Quote from @Yaroslav Shtogun: Hello Community,I am seeking advice on the following real estate situation:I’m in the process of purchasing a double lot property (100x100 in an RS-50 zone) that includes a 1,200 sqft wood-frame house and a 640 sqft detached garage.

Buying a second home to rent out is a solid strategy, but be sure you understand the cash flow, including mortgage, taxes, and potential vacancies.

Not including closing costs. 

Follow all safety requirements your Insurance Company plus city and county require.This usually includes childproof access and alarms.

. - PM provides a cash based accounting report every month, for every unit under management, that clearly labels all rent, all expenses, including management fees, and the net directly ties to the amount of money deposited into my bank account.- PM is a licensed handyman, or has them on staff, and takes care of most unit turn work at a reasonable rate. - PM has no breakup/termination fee- PM does not take project management fees, except on large or complicated CapEx projects exceeding $5,000. 

In Philadelphia area there are several REIAs including Diversified Investors Group (DIG), Delco Property Investors (DPI), and South Jersey REIA (SJREIAA) just to name a few.

This included modernizing the kitchen with high-end appliances, upgrading bathrooms with spa-like features, and adding hardwood floors for a luxury feel Lessons learned?

That is between 6 and 20 returns out of every 10,000 returns.That 6 or 20 has to include some pretty likely candidates.

Exceptions include delays caused by factors outside the Subcontractor’s control (e.g., weather, material delays).5.