Digitize physical receipts for easy storage and use a consistent naming convention for easy sorting - 2024.03.25 Home Depot.Maintain proper records, such as contracts, settlement statements, and promissory notes.Additionally, you can track income and expenses consistently using software or spreadsheets.As you scale, if bookkeeping isn't fun, consider hiring a bookkeeper for a couple hundred bucks per month.

Fix-and-flip projects can yield quick returns but require experience, while house hacking with FHA or conventional loans is a great way to get started.

@Daniel Hartless for any condos that allow STR, you will not be able to get away with 10% down as a second home, because conventional loans do not allow financing for a short-term rental and will require a minimum of 20% down.

@Dave Harlan, I have been using conventional lenders since last 7 years and hard money since last 1 year.

I'd suspect they are not voucher holders and were once conventional renters. 

I know conventional would be cheaper cost wise, but isn't her husband eligible?

They typically have multiple origination points (meaning very high closing costs) very high rates (compared to conventional but also compared to 6 month or longer waiting period DSCR products) and almost always have VERY long pre-payment periods up to 5 years.

Conventional Financing How did you add value to the deal?

Can you use conventional loans, or does the loan need to be non-recourse?

A few are conventional 30-year fixed loans.