In addition I am giving him freedom to explore (to a certain extent) on my dime.

There are the obvious pros/cons of a duplex but then there are the non-obvious ones that come with being in Detroit.I actually have a fantastic article about this I can share but I'm unable to link to it in this post.

I'm open to helping you explore your options.

Nothing illegal about doing that, but if caught, the lender may call the loan due and if you don't correct the situation or pay the loan off, they willstart mortgage foreclosure.3) You could also go the HELOC route to tap the equity in the home, but the 12-month owner-occupancy will also apply AND the interest rate on the HELOC will fluctuate with the Fed Fund Rate.4) You could do a cashout refi as an investment property, but that will be at an interest rate 0.5-1% higher than owner-occupied rate.Suggest you meet with 2-3 lenders to explore your options about the above.Once you have access to funds, recommend you buy a 2-4 unit with 20-25% down. - You can buy owner-occupied, live in one unit, and fix up and rent the other unit(s).- If you're handy, recommend buying a property in the worst condition you can tolerate.

With 40-60K in equity you could explore selling to reinvest but it depends on what deals are out there compared to yours

For funding, explore options like FHA loans, personal savings, or creative financing, and focus on New Jersey markets that align with your goals, such as Newark for rentals or commuter towns for house hacking.

But all the articles I read , says it's best to use cost segregation(which will eventually be recaptured when sold or do a 1031) Given it's vacant for 3 months in 2024 .

My main goals with these initial projects are:1.Gaining valuable insights into the local market.2.Getting hands-on experience with out-of-state investing, particularly when it comes to remodels and managing from afar.3.Testing the entire BRRRR process to see if it’s the right strategy for me long-term.If all goes well, I’d love to scale up and explore multi-family projects.

Any underrated markets worth exploring?

Meanwhile, explore options with other STR PMs.