The advantage with the bank was minimal closing costs, a good interest rate, and a draw system so I could get funding as I completed each rental unit. 

Quote from @Hank Bank: Quote from @Greg Kasmer: @Hank Bank - Sounds like you have a solid property!

Hey, congrats on finding a potential flip—it sounds like you’re on the right track!

Sounds like a great deal overall, congrats Ghita! 

I would be cautious chasing the 1% rule, a lot of the time it puts you into less desirable neighborhoods or into properties that haven't been completely renovated.

🙏☺️ I completely understand where you’re coming from & you’re right that owning real estate is a key step toward truly being an investor.I’m still new to the game, but I have a solid plan in place to move toward ownership & establish myself as a real estate investor.

Hi @Paul Whitney That sounds like an exciting move!

Hi thereAccording to IRS guidelines, once a property is ready and available for rent, meaning after you completed the renovations. you would  be able to deduct expenses. snce this was your main home,  the tax accountant you will use will need to do a conversion from personal residence to a rental for depreciation purposes. the improvement you made, depending on what they are, may be added to your basishope this helps

Let me know if that sounds good!

The conditions on the ground going into the project may not be the same as when you complete!