I'm currently renovating my rear unit and it has the perfect layout to split into 2 units by adding a wall and an additional front door.

@David LewisRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

By identifying the right buyer within our network and streamlining the transaction process, we added value without requiring extensive renovations.

since purchasing the property with a 10% down portfolio loan through a local bank, I have done extensive repair work and renovations.

Please, no solicitations.Use the renovation/acquisition loan products that require 10% down on the purchase and you should be able to get a few going at a time.

At the pro forma income, the cap rate would rise to 8%, which is more reasonable but only achievable after renovations.

Maybe just try finding the deal and sending it over to a larger wholesaler for a JV fee?

Build costs are basically double for the larger cabin.

It was a personal referral, received a credit at closing for renovations as well How did you finance this deal?

If I may, a lot of the issues we are running into with insurance is that consumers no longer use insurance as a catastrophic fall back but rather, they nickel and dime on small claims that compund into larger issues.