Lol, I'm just guessing based on experience that the value of the existing SF homes goes way down.

@Sean Regan We provide a breakdown on scoping based on "required" vs "recommended".

Just based on the info you provided I would take the loss and move on.

We can help you select the right locations based on our years of experence as investors.

But to date, I've just set my rents at a rate that accounts for me having to pay the water bill - and informed the residents that each year I'll increase the rent based upon my expenses (including water), so keeping the bill down helps me to help them.But one problem this could cause is if increasing the rent to cover the water bill then places your rent above the market rate.

You would first have to verify if this allowed based on your current zoning, if not then check to see if you are in a pilot ADU area. 

If you don't have a US-based bank account, I would get one as that's a requirement by most lenders.

First step is: 1) Figure out your budget to fix this up to a nice condition. 2) What is it worth based on comparable values in the neighborhood. 3) Is there a worthwhile profit?

It’s harder to BRRRR in the Tulsa area now due interest rates, you definitely have to buy at a great discount in order to be all in low enough toget all of your money out and the rents have to be high enough to still cash flow after all expenses (PITI, Mgmt, Vac’s, Rep/Maint, CapEx, HOAs, Util).Based on being “all in” $120K in order to BRRRR and still cash flow at least $300 mo:$120K cash out amount - at 7%/30 yr ($150K+ ARV)PI = $800 mo + Taxes $150 + Ins $150 = $1100mo PITIRENT would have to be at least $2000 mo- $1100 PITI- $200 mgmt (even if self mng, it’s exp for time)- $200 vacancies- $200 Rep/Maint & CapEx= $300 mo cash flow.

Please consult with an attorney that is familiar with 1031 exchanges.If you move into the farm after two years and later sell it, capital gains will be prorated based on investment vs. primary residence use, limiting your Section 121 exclusion ($250K single / $500K married).