Ensure you understand local regulations regarding permits; it’s usually a good idea for your associates to form an LLC for liability protection, but individuals can do renovations as long as they pull the necessary permits.

It was built in the 2010s and located in an established neighborhood with convenient access to schools, amenities, and major transportation routes.

Hey @Caprice Watkins, so Sheboygan does have some STR regulations. 

Research local regulations thoroughly, as towns often require permits, owner occupancy, or restrict rental days.

It was built in the 2010s and located in an established neighborhood with convenient access to schools, amenities, and major transportation routes.

Eliminate debt, establish a budget, and save.

CRE CLO is still regulated though.

Eliminate debt, establish a budget, and save.

Establishing a separate entity, such as an LLC, for your rental property business could provide more flexibility in claiming deductions associated with business-related assets like vehicles.

Likely they will only allow you to live in the property once you refinance out of the debt due to rules and regulations, but you can always ask!