I haven't set specific targets beyond this initial goal, but I may aim to increase my passive income to $5,000 or $10,000 per month in the future.Current PropertiesI currently have two properties:The Loft:This property is rented out long-term and generates around $300 per month in passive income after HOA and management fees.The loft has approximately $100,000 in equity.The House:This is a brand-new build (2024) that I'm currently occupying through house hacking.I invested $70,000 in the property, which means I have $70,000 in equity.My plan is to convert this property into an Airbnb or long-term rental within the next two years.Short-term rental comps suggest I can earn around $3,500-$4,000 per month, while long-term rental comps indicate I can earn around $3,000-$3,300 per month.Seeking AdviceGiven my upcoming financial situation, I'm seeking advice on the best course of action.

Either, proceed with a value add approach and structure a refi/rehab short term loan that provides renovation funds in order to reposition the property and push rents.

Have a broker come in and say “ you won’t be able to rent this to non-smoking tenants without mitigation”Hire people don’t do it yourself.

Question from the other side, appreciate your help:House owner was trying to sell his house but didn't get good offers so he rented it out to me, we signed a lease and I gave him the security deposit.Later before move-in, the owner said the house was in a contingent sale which the owner cancelled but the buyer didn't and the buyer fulfilled his conditions and he wants to move forward with the saleWhat are my options as a tenant, move in date not reached yet and owner saying sorry go find another place to rent?

Looking back at it, I wish I owned the home and rented out the rooms instead.

Some details on the deal below:Mortgage rate on the property: 3%Monthly mortgage payment: $1200Amount owed on mortgage: $230KCurrent property value: $370KEquity: $140KDue to the low mortgage payment and high rent potential in this neighborhood I would like to assume this loan and rent this property out as a long term rental. 

When I saw the 2-family I'm in now for the price it was and rents at $500 below market and reviewing my own expenses for days I knew it was time to take the jump and made the offer.

They only rented from me for 9 months so the "normal wear and tear" should be pretty low.Unfortunately, I do not have a move-in check list on file.

I don't think cap rate for residential RE is necessarily the best metric, but I try and achieve a 10% minimum gross rent to purchase price figure, so a $300K property I am hoping to achieve a $30K/month gross income goal.

All in all I have broke even between rents and mortgage and repairs but the property has gone up about $100k in value.