The challenge is that in US, for that kind of premium property, you have to shell out north of $3M.

Then progress to permits and then building.You could also just do it and hope the city doesn't notice, which they probably won't.Your challenge will be getting Certificates of Compliance on the units!

Managing a property can be incredibly rewarding, but it does come with its fair share of challenges—especially with the recent shifts in Rhode Island legislation.In 2024 alone, 39 bills were introduced, and seven significant ones passed, including extended rental terms, mandatory fee disclosures, and other updates that every landlord should have on their radar.

LTRs with long term conventional financing and standard management aren't really cash flowing anywhere right now. sure, there are lower cost markets that look better on paper, but there are costs associated with those supposedly cheap markets as well - deferred maintenance, more challenging tenant base, higher cost turnovers as a percentage of the rent.2. i wouldn't pick a random market thousands of miles away based solely on statistics or numbers. 

The equity gap can definitely be a challenge but there are still deals out there - typically with homes that were purchased in early 2022. 

Starting with a smaller property or a few fix-and-flip projects can help you build equity, gain credibility with lenders, and better understand the process before scaling up.Securing funding for larger projects can be challenging without prior experience, but options like hard money loans might be worth exploring.

Challenges?

It's important to consult with an attorney or an accountant to determine whether an LLC is the right choice for your specific situation.You can reach out to me and my team who can guide you through the process and help you navigate any challenges that may arise.

Challenges?

The challenges in real estate teach you invaluable lessons that you might not gain otherwise.I also invest in Chicago, so I have a few thoughts in response to the questions you raised.