As for the rental, generally, we'll need to register with the city and they might come with inspection (happened twice to us) so make sure that the conversion is up to code and the list of the requirements are met. 

Meanwhile, I'm talking to this guy and he said in his other property, the little old lady paying long term rent, moved out, and within a week, the neighborhood people had broken in, had a party, broke most of his doors, stolen all his copper and HVAC, etc.

Best, Justin  Hi Justin - as you've noted - DSCR Loans are typically the best bet for this (Mid Term Rentals) and typically are for these newer/innovative strategies as DSCR Loans are typically done by private lenders that can move and adapt fast (versus slower moving lenders that must follow GSE guidance or banks that are under a lot of regulation and bureaucracy)Check out this article published at the end of last year here on BP that talked about "whats coming next for DSCR Loans in 2024" - Medium Term Rental financing solutions was one of the main topics!

I would refer you to the questions I listed above as what to ask yourself before making any decisions. 

They certainly don’t do any sort of ownership verification before allowing you to list a property.You’ll no doubt hear from the BP community here (probably even before I finish typing this) that despite all the Instagram millionaires STR arbitrage is not a good business model and is generally discouraged.

Rates good in increments of 15 and 30 days.high six to low nine is correct for 30 year fixed DSCRNo: syndications, property needs work to rent, ARV, cap rate doesn't matter, no STR rents, no bad credit history such as modification or covid excuse... and a list of outs.The number of players decreased and their rules continue tightening, though rates are better than a month ago.

Hi Will,Great list and all true.

Here's how:1 - New roof cost about $5k.2 - If you pay for it while you own it, it's a cost to you since it comes out of your pocket in the form of cash, that you have to recover before you make a profit.3 - If you bury it in the original financing when you buy, (Terms - 4.5%, 30y am), it will add $25/m or $300/y.4 - If you sell the property in 5 years, your cost (in lost CF), is only $1500.5 - Now, when you list the property for sale, and declare a new roof only 5 years old, do you think you can get at least a $1500 increase in your sale price?...

Secondly, talk with someone in your area who is experienced in making these purchases.

If you have any pros and cons on flipping and/or brrrr that are perhaps rarely talked about or any other variables that should be taken into consideration, I’d love to hear it!