You'd also need to establish a budget, and secure a master insurance policy. i THINK you need to do these things before reaching out to your municipality to have it converted officially with the county or city but they would be the first ask for steps in order.i will add, this would make financing on these units a bit challenging, as in the mortgage world, at least initially, they would be considered "non-warrantable" condos.

Even though buffeted by high interest rates and spiking insurance premiums, overall prices are still rising.

Here are some warning signs I’ve come across, but I’d love to hear your experiences:1️⃣ Upfront Fees – Are application, due diligence, or "insurance" fees ever legitimate?

Our avg monthly expenses with reserves is around $1500 (mortgage, taxes, insurance, utilities, reserves ect).  

The house has appraised for $335k, my hard money note is for $242k, and I'm looking at only about $15k out once closing costs, taxes, and insurance are accounted for.

How do you pay for the tax and insurance?

Ensure your projected cash flow covers expenses, including higher insurance and management fees.If you have anymore questions, shoot me a DM or email!

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

The trust holds the insurance for the property with seller and beneficiary as additional insureds.5.

I wasn’t able to get insurance.