If the new tenant passes your screening criteria, rent to her. 

Anyone here have experience with Rent by the Room in CLEVELAND HEIGHTS?

There are ways to use loopholes but it has to be done correctly to avoid issues.If you can rent your current home and it cash flows simply do a cash out refinance pull out some cash and use it for a down payment.

the rents can be brought up to market value maybe of $5200 but that doesn't make sense either

The best way for us to do that currently is to purchase new primaries with low down payments and rent our previous ones.

Property ARV: $450kTotal in: $350kMonthly rent: $4000Monthly taxes & insurance: $530[Loan 1] (via broker)75% LTV1.5% origination fee ($5062)Other fees: $1595 underwriting + $1295 processing (=$2890)Interest rate (floating): 7.25%5 years PPPMonthly P&I: $2,278Rent - PITI = $1,192***If appraisal comes back high enough, may be possible to do 80% LTV at 7.99%[Loan 2] (direct lender)70% LTVNO origination feeOther fees: $1,395 underwriting + $695 processing (=$2090)Interest rate (will not change): 7.375% 5 years PPPMonthly P&I: $2,152Rent - PITI = $1318---------------------------I really like how there's no origination fee with lender #2 so I get to keep more of the money I pull out.

Get your foot in the door by offering a commission above market, like 4% of the first year's rent.3.

Average rent was $1,981. 180205 (Cole, Whittier neighborhoods) - Rents increased 38.50% from 2011 to 2020, going from 13,499 renters in 2011 to 18,691 renters in 2020. 280247 (Windsor neighborhood) - Rents increased 31.80% from 2011 to 2020, going from 15,551 renters in 2011 to 20,493 renters in 2020. 280222 (Denver, Cherry Hills Village) - Rents increased 47% from 2011 to 2020, going from 8,446 renters in 2011 to 12,416 renters in 2020. 280202 (Downtown, Union Station area) - Rents increased 81.30% from 2011 to 2020, the fastest growing among the zip codes mentioned, going from 6,185 renters in 2011 to 11,214 renters in 2020. 280206 (Cherry Creek, Cheesman Park, Congress Park) - Rents increased 1.4% year-over-year as of 2019, with average rent of $2,454, the most expensive in Denver. 1For the Denver metro area overall, rents increased 0.2% from January to February 2024, a similar growth rate compared to the same period in 2023.

Reasons to sell the seller on the Owner financing might be, because you are going to do a substantial rehab to the property, or that the property doesn't have any buyers, and this is a way to sell the property.Seller Financing works a lot better when there is not a realtor to pay, where a realtor's commission could be 6%, which on a $300,000 Purchase would be $18,000.An additional option you might consider if you are looking at purchasing this property to do a flip, or fix and rent, is you could propose seeing if the seller would partner with you, and you would secure a Private Loan for 50% of the sales price, plus the rehab, and if there is enough upside equity, you would probably be able to do a cash out refinance and pay off the seller that way.

It was very outdated so we are giving it a facelift and will be looking for a way to rent it out.We’ve considered retreats, STR, independent living, section 8, etc. what other options are out there that we aren’t thinking of?