Feel free to reach out if you have any questions- I’m always looking to help where I can

Feel free to reach out for more hyper local stats and advice!

Are you able to get roommates to help you offset the cost of your rental ?

When you run property management numbers - they get 'ugly' real fast.Lets say you buy a long term rental and it rents for $1,200/month, and if you financed it, it costs you $900/month for a fully loaded (Principle, interest, taxes, insurance) mortgage.  

Please feel free to reach out directly if you have any questions, or if you would like to discuss some investments/financing.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

IF you are planning on living in the house (or part of it), you can buy with as little as 5% down, but you will have to get mortgage insurance which will cost you in the long run. 

So, if you bought an investment property for $500,000 and sold it for $1,000,000 you pay capital gains on the difference which is $500,000 minus deductible costs which goes to the USA tax man. 

In your example you’re paying 89% of ARV (Price + rehab) before counting any holding costs.  

Regarding taxation, talk to your cpa on how insurance proceeds then the sale of a property after being damaged impacts your cost basis.So for me, spend the $ to demo the property and sell the land.