For a first timer, you can expect a hard money lender to provide 70-75% of the purchase price, and 100% of the renovation budget, depending on the after repair value.

We renovated the loft right away, and then put it up on Airbnb.

I have had my property manager paid to oversee the renovations. 

Investing in a property that’s already renovated, rented, and professionally managed could allow you to start generating passive income immediately without the added expenses of house hacking.What’s most important for you in this first deal—cash flow, appreciation, or long-term stability?

Additionally, they should be helping with taking video walkthroughs of the location and the property, estimating renovations/scope of work, helping you learn neighborhoods, building your real estate team, etc.

My contractor and I were expecting a $15,000 cosmetic repair and ended up with a $75,000 total renovation.

It may also allow investors to secure financing or begin renovations with confidence, knowing the property’s title is insured up to a certain point.

If substantial renovations or capital improvements are made in later years, those improvements may qualify for new bonus depreciation.3.

.- Expected renovation costs $1MM.

Let's say you borrow $100,000 to pay off your $50,000 IRA loan, $25,000 on credit cards, and keep $25,000 for finishing renovations.