Hey @Tori Rhodes - As a builder myself here in Chicago that is a question I hear often.Before looking into your loan options, I'd look long and hard at the cost of land and construction in your Grand Rapids area. 

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.

I assume the first house hasn’t appreciate much if at all and that’s why you didn’t sell it and take the tax free gain that could take 10+ years to overcome as a rental?

Don't forget, you’re going to be out 10%+ in closing costs so you’ll walk with zero cash and pin your hopes on them paying you 20-30 years from now if that’s all they put down. 

Lost $3k in the initial cost. 

Feel free to DM me if you more questions. 

Cash for keys, screening, and lease enforcement seem crucial, no doubt.I’m curious, though—I've been in rooms with pretty successful multifamily operators, and many of them actually frown upon eviction because of the cost, lost rent, turnover expenses, and time.

Feel free to message me with any questions.Best of luck with your search and I hope this helps.Thanks,Cliff

Costs include a conversion fee, potential property upgrades, and legal expenses.

Recently, I conducted a cost segregation study on the property shortly after converting to a STR (converted June 1 2024), and I want to ensure I file my taxes correctly and legally given this change in circumstances.