It takes a lot of planning and hands-on dedication to create real profit. 

Tenant goes month to month and on December 15th give notice that they plan to leave by March 31st, 2025.   

In two years I plan to pull equity from my home, rent it out, and purchase another to live in for two years..

Maintenance and potential repairs will also require a long-term financial plan and setting aside a contingency fund for such expenses.The steady cash flow, appreciation over time, and tax benefits can make a meaningful difference to your wealth in the long term, especially with the principal paydown on the mortgage.However, if managing the property from a distance feels too burdensome, or if you’d prefer the certainty and flexibility that comes with having less debt (especially given the high mortgage rates), selling and using the $100,000 in equity to reduce your loan for your next home may be the smarter move.

Plan is to buy just outside the most desirable area (downtown) in an up and coming neighborhood.

Also ask, when you submit the plans does the city give a hard time on all the stuff or just a couple things. 

I use my license for multiple activities: Of course- comps, when buying and when selling, tax data- to see what I am about to pay when i own the home ( for long term holdings), check the DOM (days on the market) for the subdivision I am either buying on, or when I plan on selling, etc. 

Our rates are generally closer to 10% depending on the plan you pick (you can search us and see our rates on our website - not trying to self promote) but that is for full service property management. 

Lots of good advice here, but no one asked what your parent's retirement plans are?

It would cost a lot to get the planning approval and do a complete renovation of the 2 units.Can anyone suggest what would be my options at this point?