In addition, you would need enough working capital to pay for insurance (which will be going up a LOT in Los Angeles) and to pay for property taxes.Don't buy this unless you have substantial resources and a cash cushion to keep yourself safe.

So if you are doing an addition, you are only contributing to the structure portion of value, not the land value.

It was held by the previous owner for a very long time, so I wouldn't be surprised if some basic facts about the house are incorrect.I was making an offer on a house a couple years ago and discovered that the owner was paying taxes on an additional house that was on the neighbors lot and didn't know it!

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

These are professionals with additional training and a stricter code of ethics.

Your best option may be to increase the rent to cover the additional expense.

Additionally, I know the Waivo product for STR covers intentional and accidental damages.

And make sure to plan for the additional depreciation as well!

Budget Wisely:Make sure your budget accounts for the purchase price, the cost of the renovations, and any additional charges involved in flipping a house.

This will provide you experience, a story to tell, and the credibility needed for adding additional clients.I'm happy to discuss more.