In other words, your renters have covered a majority of your costs of ownership this year, including covering your debt, and you have to put some additional money in, which raises your cost basis.

Only the first can be corrected, but us making a mistake and getting anything less than 5 star review is stricly unacceptable in my eyes and my team also has a strong sense of ownership in their position and loyalty to my company.   

-If it's determined that your Alderman would be supportive of your 'plan', and you've already connected with a local architect, you'll then want to reach out to a zoning attorney.

DSCR loans don't require all of those things - your FICO and the income from the property are the main determining factors.

We often need to ask the right questions to help determine the best route for each individual.

If not, how much are you all "throwing away" on rent when those funds could be applied to ownership?

From my understanding, as long as you intend on doing a STR when you close, there are no rules against changing your strategy after closing, especially if you find that something else is more profitable.So in our case, the lender determined an STR would bring in ~$3500/month (with all of their conservative factors), but now that we operate it as a huge 3300 sqft Co-Living property, it actually brings in $7000/month.

Options like a unique amortization schedule or a 3/2/1 or 2/1 stepdown interest rate could provide initial relief to get you through the renovation phase while giving the seller confidence in a structured payoff plan.To determine an entry point, consider reducing the price based on the current NOI.

Now we're seeing investors pouring money into buying Class C rentals - but, many are getting burned.In our experience & opinion, the main determinant of property Class is not location or even property condition, those are #2 and #3.

You need to do a cost-benefit analysis to determine if it's worth it.