I found this deal as an off-market property through my local network in the Hamptons.

Thanks Sarah, I don’t see much house hacking going on in Essex or Dundalk in terms of listings on Zillow or FB so my concern would be finding professional adult roommates that want to house share in that area. i’ve been following a lot of the midterm rental groups in Facebook and the consensus is that contracts have decreased significantly and hospitals are using more local labor pools.

If you file an eviction then it must be filed locally, if your LLC is sued they will sue locally. 

That being said, your typical cost of capital is as follows:EquityAgency debtBalance Sheet local lenderDebt FundPrivate DebtPref EquityHard Money DebtBookie/Loan SharkOther things that will impact capital sources: are you wanting to finance the improvements, or will you pay for those from equity/cash flow?  

I honestly wouldn't trust anyone else with my clients but him when it comes to that local market.

Second, I'd connect with some local hosts in your area also in addition to Airdna.

*I know the markets really well even better than some local agents.

✅ Do research your local market before setting prices.What questions do you have about getting started?

I highly suggest getting to some local meetup groups...here is BPs list:  https://www.biggerpockets.com/forums/521-real-estate-events-...I also have a full list of the chicago meetups that I can share with you too if that'd be helpful.

Not sure if Hawaii did the same thing in the lahina fire I know when I was there right after the fire ( Honolulu) I read in the local paper how the locals were getting offers and were offended..