Over-budgeting is critical to ensure that renovations don’t eat into your profits.Market Fluctuations: If property values in your area do not appreciate as expected, or if you face a market downturn, the amount you can refinance for may be lower than anticipated.Financing Challenges: Securing financing for the initial purchase and rehab, as well as refinancing after the property is rehabbed, may be challenging, particularly if the property is located in an area with fluctuating values or if the rehab work doesn’t immediately improve the property’s appraised value.Tenant Risk: Rent collection and tenant management can be unpredictable.

Is the option government supplied insurance where taxes supplement the insurance?  

I was budgeting for 10% per unit (about $50) but unfortunately my current company has a minimum of $75 per unit, giving me a monthly of $300.

A friend of mine had a similar journey - they turned their old home into a rental property and soon realized they loved managing tenants and exploring ways to add value.

Eliminate debt, establish a budget, and save.

How many mortgage lenders have you spoken with to get qualified and discuss allowable down payment options?

While time consuming, I did learn a lot and was within $2,000 of my initial budget.

Eliminate debt, establish a budget, and save.

Here’s what made a difference for us:🔹 Mortgage Relief – Many lenders offer disaster relief options like payment pauses or loan modifications.

A company adding more options to a plan instead of trying to Nickle and Dime me with upsells.