@Benjamin Larabee With 200+ units, having the right bookkeeping system in place is key!

When we moved, we turned it into a rental, hoping this would be the start of our real estate journey—something we’d like to continue once my husband retires.Some key details:My husband is active duty and will retire in 3 years.We have one final move coming up this summer to Raleigh, NC.Our current debts are crippling us—the high interest makes it tough to stay afloat every month.The plan me and my husband are thinking bout:Sell the rental property.Use the proceeds to pay off all our debts, set aside emergency funds and a down payment for our next home.Free up $1,500/month from debt payments, and that also can stash in a high-yield savings account.Regain full VA loan entitlement, allowing us to purchase a multifamily home and use the house hacking strategy for up coming move.Avoid capital gains tax, since April marks five years of ownership, and the tenant’s lease ends in May.This wasn’t our original plan, and we hate the idea of using our equity to pay off debt.

Before sourcing the loan I would  speak with a contractor on getting a complete scope of work done and pricing.

Before making a decision, here are a few key things to consider:1.

What are the best sources or methods you use to accurately set rental rates in your area?

A little about me: I work with investors worldwide to build portfolios with turn-key-ready SF/LTR properties and manage them on the back end.

And I hear you on not doing the work yourself again, time is just as valuable as money in this business.I like how you sourced this deal through networking instead of waiting for the MLS.

@John BrennanWith an IRA, there is a key factor to consider when it comes to self-storage. 

The key is for you to separate the utility costs from the rent, then advertise your units with the rent rate only and explain the utilities later.HOW TO SHARE UTILITIES 101You have a property with two or more units and the utility meters are shared.

Here are the key numbers:Potential purchase price: Mid-$400k rangeAppraised value: Estimated at ~$500kRehabbed comparable properties (comps): ~$580-600kMonthly PITI (with 5% down, including mortgage insurance): ~$3400First-year PITI (with 2-1 buydown): ~$2900Monthly income (after taxes): ~4-5kLiving expenses (utilities, groceries, etc.): ~$1600Savings available: ~15-20% of the purchase priceCash to close: ~$34kRehab estimate: ~$34kRemaining reserves: ~$20-25kTo fully fund the rehab, I’d need to come up with an additional ~$15k in the short term, which I anticipate paying back quickly once the rental portion is generating income.