Given that the property was worth $390K in its current condition, I saw an opportunity to make the numbers work while keeping my upfront costs low.Instead of increasing my cash offer, I negotiated a $25K down payment with the seller carrying the balance for two years through owner financing.

Consider this the cost of your education.

This can often be cost-prohibitive. 

There were a lot of costs that we didn't expect like the plumbing had to be completely redone.

I had a client who kept waiting for a better rate, only to see it jump 0.5% overnight costing him thousands.

I’m estimating renovation costs at around $150,000.

The marketing functions is where the very host cost comes in.

The two deals with friends both ended poorly with friendships ruined and tens of thousands in legal fees and court costs.

You’ll put 5% down but get 2% back on sale (which might pay for your closing costs) and then do a rent by the room to cover your expenses and downpayment for next year) Not sure which university you are at but both Henrietta and South Wedge are solid places to start (serving RIT and UR respectively) Good luck, I personally think Rochester is a great area to start due to constrained supply with a growing population

And that can cost you time and money.