Barb E.

I am represented by counsel in EVERY real property transaction I engage in, so that includes myself.2.

Purchase price: $241,000 Cash invested: $20,000 Turn-key investment property, with some Capex work including updated roof and lite plumbing fixes.

Purchase price: $241,000 Cash invested: $20,000 Turn-key investment property, with some Capex work including updated roof and lite plumbing fixes.

Meaning, if you take the money only, you would have depreciation recapture from your cost basis up to the original purchase price of the building (not including the land cost because it wasn't depreciable), plus a capital gain up to the insurance proceeds.Hope this makes sense. 

Vacant properties can sometimes be the way to go because you can try and get top market rent, as well as include any fees or protocols that might not be in a standard lease.  

Although, I completed several gut renovations including garage conversions, in the past, I recognize that this is a different beast.

If I were in your shoes (which I was recently, and will be again when I move to the next property), I would call up 10 different lenders including small banks, credit unions, etc. and tell them your situation, what you are trying to do, and how they might be able to provide a product to support you. 

I have used Prop wire for some skip traces, but the numbers and emails it provides were not associated with the property.

The first is having a personal portfolio of 5 passive rental properties, not including my residence.