I would invest in ugly houses that need lots of rehab work to build the equity and refi spreads needed to offset the work and preserve most/all of my initial capital.

I also meet alot of people in my line(s) of work and this seems to check out in my conversations with them, this includes natives, recent transplants, old transplants, every age group and race.

If you had a mold remediation company do all the work and mitigation, send the threatening party the reports and clearance.

Keep up the good work and helping change lives!

Do you get a contractor in before making an offer/after, get an estimate on the work and time and then deduct the lost rent (making an assumption on what you can rent it for) from your overall budget?

@Jonathan Taylor yea I agree this deal will not work and I will end up passing on it.

That being said you can make that kind of money with fewer properties but you would need to do more intense work and higher risk Short Term Rentals, co-living, or Section 8.- My Strategy: I'd like to buy and hold residential rental properties.

I think dismissing potential ideas on the basis of them being too complicated is an awful mentality and I would rather know exactly why it wouldn't work or a path that would make it work and then decide for ourselves if it's worth it or not based on the steps it would take.

The STR is a lot more work and even if you get a manger, you may have to be involved.

I would bring in a drafter or architect to assess it and see if you only need the building plans and pay permits: Building plans about $3k to $4k since everything is done... and city permits about $4k to $7k and make sure that you don't have to do anything major... front foundation could easily be $5k or more plus engineering work and stamp. : so, assess all systems and see for obvious things like : garage door, ceiling height, perimeter foundation and drainage, framing if you can, attic space, electrical, plumbing etc 4.