So, I decided to drive a nearby neighborhood close to my residence, recently and document addresses of seemingly vacant distressed properties.

When there's tenants already occupying the property, there's often times different leases that were signed among the tenants.Additionally, renting by room usually sees higher tenant turnover which in turn causes more work for the PM.Other challenges to consider:- Disputes/conflicts among tenants (different personalities if a tenant doesn't know the others prior)- Occupancy limits- Splitting utilities (what if someone uses more water?)

It's an investment into the property, and if/when they move out or even if they're there you can now add a traditional dryer to the property and collect additional rent.

Quote from @Adam Rivera:I would really use realtors that do high volume of deals in this area you are looking and also property managers.

Purchase price: $179,000 Cash invested: $15,000 Lived in the property for 1 year.Knocked down living room wall, replaced Hvac, floors and gutted and remodeled the kitchen, attic insulation, converted the living room and the dining area into rooms.

Or ask the third owner if they would also consider selling, so the whole property is sold.Whether a partnership or LLC, follow the Operating agreement. 

DSCR loans and portfolio loans are types of financing that allow you to close in the name of an LLC.

I was able to drive the property a couple of days later, and I realized no i should not chase a rezone, and actually property similar to this will be removed from my list. 

I’m considering getting a HELOC for a down payment on another property.

I'm under LOI to acquire my first LIHTC property (107 units in semi-rural south Chicago suburb) and am moving fast and furious to get up to speed on all things LIHTC.