Insurance and LiabilityWhat type of insurance is required for a renovation project in Chicago?

Before you close, can the rent from your buddy and the midterm tenant cover your mortgage, taxes, insurance, plus a bit extra?

Since companies have a limited lifespan (10–18 years on average), cities must attract new businesses to maintain job opportunities.Factors Companies Consider:Low Operating Costs: States with lower property taxes and insurance costs.Low Crime Rates: High-crime cities deter businesses and tenants alike.Natural Disaster Risks: Avoid areas prone to disasters, as recovery can take years, impacting your rental income.City Size and InfrastructureFocus on cities with metro populations over 1 million.

Yes, you can deduct related expenses including gas, loan interest, insurance, etc. using the actual vehicle expenses method to deduct auto expenses for your rental or other businesses. 

Got insurance involved and use that money to remodel the entire inside, and add a new roof.

Quote from @Devin James: Quote from @Dominic Mazzarella: Quote from @Devin James: Everything went wrong with this investment:   - Took 4 months longer than expected   - Cost $10K more to build than we anticipated   - Sold for $20K less than we anticipatedWe still profited with a 30% return on equityThis is why I love Real Estate InvestingWhen you do your diligence and stay conservative with your numbers, it takes something really bad to lose money.Here was the original post:My siblings and I are building a home in North Port, FL.Here are the numbers: - Finished Home Value: $412Kish - Land Cost: $19,750.39 - Construction & Permitting Costs: $304,897Additional costs: - Environmental Site Assessment - General Liability Insurance - Builders Risk Insurance - Construction FinancingWe will be listing the home this weekPhotos coming soon!! 

Prices are through the roof, Insurance cost have skyrocketed, maintenance cost are up a lot, taxes.

It’s also worth verifying if Beaumont and Port Arthur have any specific contractor registration or insurance requirements, as local compliance can sometimes impact project timelines. 

To make a new property cash flow with current prices, interest rates, taxes, and insurance, you're putting at least 40-50% down.

@tom shallcross summarized this well in another post and just inflate your numbers up for a $665k purchase price and $2300/mo per unit for rent.Borrow 80% which is like $3700/mo for Principal, Interest, Taxes, and Insurance.