It’s important to note that short term rentals depreciate differently than long term rentals.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!

I have some upcoming repairs needed that outweigh the Homestead Exemption and plan to make my primary home a long term rental in the next 7 years but the repairs can’t wait.  

i wish i had better news for you but it's probably not feasible in the short term to replace your W2 income with rental income. 

I've worn three hats in the seller financing world (as a property buyer, as a property seller offering terms, and as an investor that buys seller financed note). 

Where the loans go wrong is usually not with the loan terms. 

He owned a duplex, and one of the long-term tenants had built a small deck out back without permission.

Local banks typically offer lower interest rates but might require a solid track record and detailed financials.

I took a quick look, @Torianne Baley:1) With short-term treasuries now paying around 4.5%, guaranteed by the USG, why would anyone loan to you at 5%?

Private Money or Hard Money LoanHow it works: Short-term loans from private or hard money lenders to purchase the lot and finance the construction.Benefits: Easier approval and faster processing, focusing on the property value rather than your income.Downside: Higher interest rates and shorter loan terms (typically 6-18 months).