After several hearings, we reached an agreement: both parties agreed that if the tenants applied for government assistance to cover the overdue rent and committed to paying rent on time going forward, the eviction process would end.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Our agent negotiated us a credit for one aspect (floors) but given the true work that really needs to be done is there anything we can do at this point... like arbitration to cover costs of actual work that needs to be done.

Mine was also out of state, in a town I’d never visited, and I relied heavily on videos from my agent.This sounds like a tough first deal, but it seems like you have some capital on the side, which will be useful as you face the upcoming challenges and learn from those expensive early mistakes.Regarding the subject of this post, “help me adjust my expectations,” I’d recommend assuming that; repairs will cost twice as much as you estimate, maintenance and vacancy rates will likely double from your initial projections, there’s a very real chance you may lose money on this deal.That said, there are ways to mitigate these risks by:- Keep asking questions here on BP and connecting with local experts- Stay proactive and communicative with your agent and property manager.And remember “Inspect what you expect.”Im not trying to discourage you but to help reset your expectations.

Adding mass to the walls works wonders—attach Mass Loaded Vinyl (MLV) to the shared wall, then cover it with a layer of 5/8” drywall using Green Glue soundproofing compound for extra noise-blocking power.

The sooner you can send offers out and get a deal in contract and past inspection at a price that works it will put you in a good position once that subject property closes.

The HOA covers all the exterior.What was the outcome?

The Joint venture is not subject to all these complicated rules.

The general idea is that you must acquire an interest in real property you do not already own, and since you already own the subject real property you want to build on, the transaction must be structured so that you are creating an interest in real property you do not already own (in fact, it does not yet exist).

The biggest thing with this is if something major happens are you legally covered if the unit is illegally rented.