@Heather Bailey When house hacking with a separate rental unit, ensure proper insurance by obtaining landlord or short-term rental coverage tailored for Airbnb activities, in addition to your primary residence policy.

I am wanting to get into fix and flips and eventually long term rentals. 

It's also rare you buy these properties with 20-25% and have NOTHING you need to address almost immediately in terms of repairs or capex. 

If you are looking at this property from a residential and rental perspective, then it may work as long as you are willing to put your own income into the property. 

For short-term and mid-term strategies working there, the simple answer is that it depends. 

Are you needing a long term or bridge loan?

As far as timeframe, anywhere from 21-45 days depending on how quick a borrower gets their docs to underwriting, how long the appraisal takes, etc.

The Property will be a good long-term investment whether you do the dig down or not! 

I have a potential partner who is a long-time friend.

I have a house that’s a long term rental upstairs and a medium term downstairs.