You will need to provide an explanation of the circumstances surrounding the BK every time you apply for credit, apply for a job, apply for a bank account, etc.Bottom line is if you’re working day labor type jobs for small companies and live on a cash basis it might not affect anything.  

Return:Finishing the basement and adding bedrooms can add significant value, especially if your local market places a premium on additional living space.

Quote from @Fernando NA: Hello everyone,I’m considering purchasing a piece of land near Divide, CO, to build a small off-grid log cabin and list it on Airbnb or similar platforms.For those of you who live in the area or have experience with this, I have a few questions:>Is it possible to list such a property on Airbnb given the local regulations?

I live in Lanham, I am new to Real Estate Investing and looking to connect with local investor.

The only reason I like it is that I live here and have systems to buy deals under market value.  

Without know more specifics, I'd suggest selling what you have now and investing in properties closer to where you live (and pursue 1031 exchanges).

I have about 8K to start investing, which I know is not a lot, but with 3 kids living in SoCal, we are already pinching pennies. 

Usually living in it for a few years may be enough for it to cash flow positive when you move out.  

If the property breaks even, or operates in the red currently, it will only operate deeper in the negative (unless you find a strong ROI like creating more bedrooms, convert a non living space to living space, etc) with another loan. 

I live in Peoria so you have any suggestions for getting started?