Multiple people had some bad things to say about the area, but when I moved and realized that it was a low income area with a lot of homeowners, I was motivated to improve the property to match the effort my neighbors have put in. 

Freddie has a reno loan product that can be used for investment properties; this is only for first position, though.For the Heloc - it goes back to whether your mom wants to continue carrying the loan for income, and if so, how will you pay off the heloc once the rehab is complete?

You kind of have to pick a lane - do you want income or 4 units in 4 years?

That one month of lost income will take seven months of cash flow to recover.

What kind of savings do you guys have in addition to the income savings each month? 

I’d dig into this a bit more.Another assumption that stood out to me as potentially problematic is the 6% income growth and only 3% expense growth.

For investors, the current market presents a mixed bag: while short-term rental income may be lower, Miami remains a strong market for long-term growth as affordability attracts more tenants.What’s your take on Miami’s rental market?

For your scenario, a DSCR loan could work well if the property’s projected rental income can cover debt payments, but most DSCR lenders don't include renovation costs directly.

If you want private investors, start by asking friends, family, or colleagues in your network who may wish to a passive income opportunity. 

Long story short, you spend a month cleaning and renovating, then you find a new tenant after just 15 days.In total, you lost three months of rent income ($3,000) plus paying utilities ($500).