There are cheaper one’s in D/F areas but I would be careful as those can create a laundry list of additional issues.

I have added new electric service, all new plumbing, an additional bathroom, remodeled Kitchen all the way down to the studs, new carpet on the second floor, and new LVP on the first floor.

Eliminate debt, establish a budget, and save.

I've also leveraged their webhooks to automate additional things on my end like setting the thermostat to the appropriate temperature an hour before the guest check-in and turning it off after they check out.

From experience, I’d recommend getting pre-approved, improving your debt-to-income ratio if needed, and researching local assistance programs.

When we were looking at our offering which our investors are preferred equity and shareholders, we looked at debt obligations and if we would need to register for an exemption etc. 

Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option. 

Eliminate debt, establish a budget, and save.

However I believe it’s great to have two independent sets of eyes (in addition to your own) on the books to make sure everything is accounted for and running smoothly.

A 1031 exchange doesn’t apply, but funding through a self-directed IRA can defer taxes, though profits from debt financing may trigger UBIT.To reduce taxes, consider forming an LLC for better expense deductions, offsetting gains with investment losses, or holding the property for 12+ months to qualify for lower long-term capital gains rates.This post does not create a CPA-Client relationship.