This place has a detached garage that's perfect.I realize every house will have *something*, I'm just having trouble grappling with where you draw the line with "this is too much, I'm walking" and "this is acceptable to take on for the value of the property". 

Yeah when I did the walk through, my eyes were getting opened and I was like oh there are large holes in the ceiling and I started realizing the age of the home and how different it was built in so many different ways that I am not as familiar with.

Looking at this, other are going to realize that they can fetch higher prices on their properties too!

Started off as a family getaway before realizing the revenue potential and converting it to an investment property.

We realized this was a serious concern for many investors, especially around the pandemic when they couldn't travel.

Honestly I was worried about this but now being a lender I realize we compete for your business so you just have to shop around to find someone who can make it work for you, just worry about estimating 25% of gross rent goes to expenses outside of PITI and you will be similar to what traditional lenders calculate.

In hindsight a 203k loan or something similar might have been the way to go, but we did not realize we weren't going to be able to use a HELOC to fund the reno.

I don't think people (including myself) realize how much time and effort goes into making deals happen.

Yes, this is much harder and requires more precision than you realize.

I knew before this that I didn't qualify for "real estate professional" but didn't realize that business income could still be classified as passive, and that the section 179 deduction I was interested in only applied to active, not passive business income.