I’m currently on a mission to purchase my first investment property within the next six months, and I’m eager to learn from all of you along the way.I’ve always been fascinated by real estate and its potential for building wealth and achieving financial freedom.

Hi @Asif Ali Kabiruddin RajaniBeing a non-resident, I only invest in short-term rentals because, given my current situation, it's the only strategy that's profitable enough and not too risky.

Personally, I would eat the money up front to get someone on schedule asap and work with either the bank or the seller for a credit at close.If there is roof damage, that would be an insurance claim on the current owner's policy. 

I considered ordering the lender's inspection/appraisal, but this wasn't an option because the water and electricity are currently turned off, and HUD won't turn them back on until I have submitted earnest money of $2,000.

He wasn't able to write new business but was doing a fine job taking care of his current customers.

Both of our names are on our current mortgage. 

Here is our current budget... 

At 8% interest rate with 20% down payment only the PI would be around $2900.I noticed that many investors that don't know the South Florida market ran their numbers based on the current property taxes and insurance. 

Market value typically refers to the price a property would likely sell for under current market conditions, while property value can sometimes be an assessed value for tax purposes or an estimate by an online tool.If you're seeing a significant drop in your property's value, I’m guessing you might be using Zillow.

All of my current rentals cost about the same to purchase ($215-265K), but cash flow is so different and current house prices are as well ($325-600K)...and the one I spent the most for and cash flows the most, is now the one worth the least (still worth more than I paid for it 3 years ago).