I had planned on buying a new primary residence  that needs a rehab that i can get way under market value.

If they want their money back fast like a flip then let them flip it and you buy it as a primary residence with a conventional or fha mortgage.

Our primary residents also has some equity, I have a HELOC with $166,000 available funds.

When it comes to analyzing properties, I’ve developed a specific checklist to make sure the home fits both resident needs and operational goals:Square Footage: Ideally, at least 2,000 sq. ft. to ensure enough living space for residents and staff.No Stairs or Pools: It reduces liability and keeps the home accessible for everyone (this is just my preference).Corner Lots: I love corner lots because they often provide extra parking and outdoor space—both of which are critical for families and visitors.

In some cases, after running the numbers, I’ve even faced potential negative returns, causing me to miss out on promising deals here in South Florida.That brings me to my question: I currently own two homes—one is my primary residence, and the other is a rental property.

Unfortunately it's a necessary evil to weed out the residents that are not ideal.

I have found that I get more appreciation on the single family house because I can sell it to an investor or as a primary residence.

@Kris TohovitisI wouldn't recommend using your cash to pay off the mortgage on your primary residence since you can likely get a better return on that money by investing it.What's your buying criteria for the multi-family property?

Hello,I have noticed that more and more property managers are charging tenants ~2-3% of rent + $30 as admin fee/resident package/utility package.

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