Seller is the Agent.Seller bought property in January of 2023 for $730,000Current “As Is” Value : $770,000Target Acquisition Price: $730,000-$780,000 After Repaired Value: $900,000Repair Estimate: $120,000Initial Offer Amount: $715,000Loan Program: Bank Statement Program.Total Estimated Monthly Payments (Principal, Interest, Taxes, and Insurance) $5500/month (based on $770k purchase price)Estimated Gross Yearly Income from Short Term Rental: $160,000 (65% Occupancy, $700 a night| (STR Listing Comparable properties Listing 1 Listing 2 Listing 3)Net Monthly Income after management and taxes: $11,751.25Net Monthly Income after Mortgage Payments: $6251.25 ($75,015) Per YearTotal Cash Investment: $297,000 ($177,000 in down payment and closing costs and $120,000 in repairs)Average Yearly Return on Investment: 25% yearlyAverage increase in property value per year: 5%Average increase in booking revenue per year 7.5%Property Value average after 10 years: $1.5 millionTotal Cash received over 10 years: $1.3 million.Total Equity multiple min over 10 years: 6x total return on $297,000 invested.

It ended up being the main water line to the house that was old/rusted/damaged.

I did not invest in the above noted deals so I cannot comment on the structure or management but just highlighting in general where I am guessing some of failed deals may end up.

In Metro Detroit, and I'd think in most Midwest cities, investors really have two options:1) Buy Class B and either put more down to cashflow at closing or deal with 1-3 years of negative cashflow until rents increase.

My parents had a 3 family growing up and I used to hate going there on weekends but I learned a lot and it obviously stuck with me.

Since you're so close to Loyola and not too far from Northwestern, I imagine you might have a pool of people who need temporary furnished housing while they study, do a medical rotation, or travel in the medical industry.

Transitioning to a Second Property with Low Money DownIf a second FHA loan is not an option, here are alternative strategies to minimize your out-of-pocket expenses:Conventional Loan with 5% Down: Once you’ve added equity to your current property, consider refinancing into a conventional loan to free up your FHA eligibility.

You won't find anything close to the Austin market with that budget. 

The LP said he now thinks no other LP got the email either because no LP besides him showed up.

You cannot close an RE purchase or sale without using an RE attorney.