Those types of properties can bring in good returns, but the management can be intensive, and finding reliable tenants for both residential and commercial spaces might take some work.

However, I’m not sure how to accurately determine its value, given the configuration and the fact that it’s not fully rented.My Concerns:Determining Value: How should I calculate the fair market value for this type of property?

From experience, switching to a conventional loan can help you remove PMI once you reach 20% equity, while DSCR loans are ideal if you’re focused on rental income.

So depending on if you are using it personally and want to have it pay for itself or you just want cash flow will help determine where you should look and what type/size home you want to consider.Please reach out anytime and let me know if I can be of help.

Foreigners can only own 49% of those types of properties and there is a lot of rigamarole around it.

I would recommend talking to many lenders/brokers to see which one has the most experience funding these loan types. 

The goal is to move into another property by spring 2025 to do another live in flip and keep this property for a few years at least.What made you interested in investing in this type of deal?

One thing I am curious of - typically many of the hard money lenders will charge a 1-3 year pre-payment penalty in these types of scenarios unless your client paid points to not have that pre-payment penalty.

I would absolutely use an attorney to facilitate this type of transaction.

This is the heart of the reason housing isn't mroe affordable, that landlords bear these types of costs every day.You could probably find cheaper labor, especially to haul away the junk, but not easily as an out of state investor.