Take the year to do powerful renovations like the kitchen, adding bedrooms and bathrooms and updating what needs updating (up to the standards of the other renovated homes in the area).

Now the tricky part is creating your underwriting standards and system.

Anyone here can confirm that the rent from section 8 is close to the payment standards for the respective zip codes?

However, with this in mind, contact the closing firm and ask for an escrow fee sheet to ensure that it somewhat aligns with the standard title/escrow fees that other closing attorneys offer.

Getting it under market value would be a bonus.So, would using an FHA 203k renovation loan, which would allow me to buy something unqualified for a standard mortgage, which would weed out a lot of competition and push the price lower.

My commitment is to always act with transparency, respect, and the highest ethical standards—because in the end, nothing is more valuable than a good name.

So I was just wondering if its the industry standard for that type of purchase.

It's about having an income that will enable you to maintain your current standard of living for life.

@Denise Lang some copy & paste thoughts:TYPES OF RENTAL INVESTMENTSRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Also, I don't know if it would be worth it from a liability perspective either, but would advise to chat with an insurance pro/legal pro.When purchasing a primary residence, conventional loan guidelines will require you to take down the property in your personal name.When it comes to taxes, you'll likely be able to take the standard deduction AND itemize Interest, Taxes, Insurance, Depreciation, and expenses prorated based off the rented portion of the property when reporting the 1040 along with W2 income.