I plan to hodl for the long term

Quote from @Jaycee Greene: A few things I noticed, in addition to having the tenant pay the utilities are:1) Incorporate annual increases in rent higher than 2% (in your area, maybe 4%-5%) with a slightly smaller increase in operating expenses (say 2%-3%)2) With a gut rehab, I'm not sure why you need to spend $128/month on cap ex, at least for the first year or 2.3a) An 80% cash out refi is probably going to be hard to get.

Do it yourself with TurboTax (or similar software)If your rental is pretty simple (one property, basic income & expenses), you can learn the basics and still save money.

It's great but a little more expensive for the potential tenant. 

-My fiancée and I are planning on having our first kid by the beginning of 2026, so extra room would be ideal as we are somewhat limited in the primary residence. 

.💡 How do you keep rehab costs under control and avoid surprise expenses?

We have previously tracked all expenses manually in google sheets and produced financials statements manually, also in google sheets.  

You sell after 12 months and take no depreciation expense in the first year.  

If you can get to 10 over a 20-year period, you will change your life and look like a genius.Increase earnings, reduce expenses, save, and invest.

It’s crucial to ensure that your cash reserves can cover not only the mortgage but also unexpected expenses during the remodel.The 30% housing rule is a helpful guideline to avoid overextending yourself, and ideally, you should be comfortable with your monthly housing costs even without rental income.