Hey @Dalton Foote - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.

Section 179 deductions may apply to assets directly supporting your business, excluding personal-use components.This post does not create a CPA-Client relationship.

Finally, double-check local demand and rent trends in the area to ensure the pro forma income is achievable.I’ve worked on several mobile home park deals as a broker and am currently helping a few clients sell their parks, so I know how important it is to ensure the numbers make sense both now and in the long term.

I’m a realtor in Indiana and have an investor client doing really well with Section 8 rentals.

Most of our clients raise capital as equity vs debt, but both are done.

For added liability protection, consider setting up an LLC for the rental, though this may have limited impact if the mortgage is in your name.This post does not create a CPA-Client relationship.

My firend once had a client who did a high end remodel in a somewhat modest neighborhood.

., commissions, fees) and consider a 1031 exchange to defer gains by reinvesting in another property.This post does not create a CPA-Client relationship.

But for the purposes of this explanation let's say you're my client and this is your first deal with me. 

I used to own a large SFR management company I sold to Evernest in 2019 and I manage a Kroger SC and a set of retail condo suites for a client now but it isn't my thing.