My strategy would then be to lease at least two of the renovated units, increasing occupancy to 90%, which could improve the chances of securing favorable terms for refinancing.I haven't pitched it to the seller yet.

Good Morning,I am a former Claims Specialist with the Social Security Administration and currently unemployed homeowner who is looking for guidance on how to gain property management experience here in the Central Coast of California.My wife is the only one working at the moment, so times are tough to say the least.We're looking to rent out a portion of our home in order to save up enough money to purchase our second home (or multi-family unit), rent that out, and begin to expand our portfolio. 

On 12/19/2024, we sold it for $99,000, securing a great return.

It's simply factual:  you violated the lease by smoking, stop it, remove the resulting odor and that a repeat action could result in eviction and loss of security deposit.  

Motivated sellers and distressed properties are more likely to surface.Creative Financing: Higher interest rates are opening doors to strategies like seller financing or subject-to deals, where you can secure more favorable terms directly from sellers.Shift in Buyer Preferences: With work-from-home trends still influencing housing demand, suburban and secondary markets are seeing strong growth.

I would check this out with a seasoned securities attorney for their opinion/guidance.  

He even tells us not to do business with seniors on Social Security or with newbies, but he has no qualms of ripping me off on Social Security and a newbie!

Securing financing upfront is paramount.

If you’re considering leveraging hard money lending (HML) for this flip, it could be a strong alternative to traditional financing—especially since HML is quicker to secure and designed for investors aiming to flip properties fast.With HML, you’re typically looking at covering a significant portion of both purchase price and rehab costs, which keeps more of your cash free for other expenses or emergencies.

Consider all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.