I have recently arrived in Jacksonville, FL and in doing so, I am finally given the opportunity to start working on investing full-time.

A different inspector could arrive at different findings and a different buyer might have arrived at a different conclusion.Buyers also back out of deals for non inspection related reasons (cold feet) and use the inspection period as an excuse.

I've vetted a couple syndication deals and, though always open to looking at future synd deals, I keep arriving at the same conclusion:  too complex/convoluted, watered down returns, and very little control.  

Instead of trying to break the lease and finding a cheaper place to rent, I decided to try and make some extra income by renting bunk beds out on Airbnb to travelers and new arrivals to the Bay Area.

Get load 1 started immediately on arrival. 

On the day of arrival I send another message with the door code and other info.  

The price is $109,900 so they will reduce that price by 2% which is $2,180 to arrive at $107,720, or they will pay a 2% discount fee to lower my rate from 6.5% to 6% on a 30 year conventional with a 25% down payment. 

@Justin HerringtonThe inclusion rate used by residential lenders varies as does how they arrive at that rate.A few years ago, I had compiled a spreadsheet capturing how our lenders were approaching rental income, so what I have below is most probably out of date:Lender                 Income inclusion           NotesScotiabank              70%                          Calculated as Income - 30% expense allotmentTD                             ~70%                       Calculated as Income - 5% vacancy,                                                                 - ((500 insurance + 900 utilities + 500 maint.) * #units)                                                                 - 3% management feeCIBC                         ~75 - 80%               Income - 5% vacancy                                                                  - (5% insurance, 5% maint + 5% management)                                                        - property tax (unclear if this was included in the                                                        determination of net income or deducted afterward)  Note: We placed two mortgages with CIBC this year and the inclusion rate was lower (around 65%) ... not sure if this is the new normal or because we are over their magic number of seven mortgages.Property taxes and mortgage payment are deducted from the calculated Net Income to determine the debt coverage ratio from the lender's perspective.It you are insuring the mortgage (say through CMHC) then lenders will use the CMHC guidelines which allow 50% of the gross rental income to be included.  

You will use this costing in your negotiations - if you get that far.If you arrive at a deal, I would still keep an inspection clause in your offer and have a building inspector crawl the property.  

The building took just over year to complete as we permitted all aspects of the building and opened in the Spring of 2023 after waiting for the custom electrical panels to arrive from overseas.