we just see new investors in the forums blown away when they hit their fix big capex - a new roof, a new furnace, a driveway repair, a couple appliances going at once. 

Taylor sent multiple email inquiries to our insurance provider asking what risks their policy covered.

The home needed a lot of work including roofing, windows, siding , kitchen, baths, and mechanicals.

While real estate values do rise over time, if you can't cover your bills during the downturns to get you into better times to sell, you are likely to lose money.  

- FYI: it's only illegal to try to rent it out, the property owner can usually legally live in a nonconforming basement unit.If you do all this you may still negatively cashflow each month, so make sure your income can cover and/or your cash reserves.If you do this successfully, you will learn more in 1-2 years than you would reading here on BP for 5+ years:)Good luck:)

The LLC would own the property, and your 50/50 split can be outlined in a detailed operating agreement covering roles, responsibilities, and profit-sharing.Since lenders often require personal guarantees for LLC loans, clarify that your partner will be the sole guarantor.

Some investors think that just because they are section 8 they don’t care where they live, they just want a roof over their head.  

As far as rate is concerned, you can usually go about two points over the current rate (less closing costs for a seller financed deal so there is no real expense there) You need to make sure the borrower can cover that.

The sale proceeds likely won't fully cover my loan.I have a few questions: What documents will I need to complete the buyout of the first lender?

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.