@Jorge Newbery I believe they are having a conference call today about this site.

The interior will need to be repaired and repainted.I've done several 1900 - 1920's and while they usually have good bones, the electrical can be underpowered for today's needs, and the water lines can be corroded galvanized or even lead.

If you take a loan at 8% today. 

Wait till rates are back in the 5s, refinancing/HELOCs are expensive today and you will need to refinance that debt in 1-2 years anyway once rates come down.

Would cause me to not even ever considering that in today’s environment.

Quote from @Don Miller Miller: Coincidental timing with the post, but a quick update:Our permit review status (for Residential Construction) was changed to Complete today, in Cape Coral's permit tracking system.Submittal Status:Approved  Received Date:07/15/2022  Due Date:08/26/2022  Completed Date:08/17/2022@Don Miller congrats on getting out of permitting.

I am biased but I see property insurance going up higher and higher annually from today's rates.

Today poor means negative cash flow.  

Today was the final straw for me as I have come to realize you can not get a transaction report that shows a breakdown of deposits so I can show proof of rents received to my lenders.

@Grant Shipman Great stuff, I'm a big fan of co-living/rent by room strategy, and I do it here locally in Denver metro, and it is the best strategy in today's market for any house hacker to live for free or make money while living there, but they have to sacrifice personal space.