I would budget accordingly if you are planning to hire someone local to help.

If you’re targting properties in historic areas like Lincoln Park, be sure to budget for unexpected maintenance expenses, as older buildings often require more upkeep.Incorporating 1031 Exchange StrategiesIf you’re looking to scale your investment or defer capital gains from a previous property sale, consider utilizing a 1031 exchange.

Always include a contingency in your rehab budget.

Your budget will need to increase about $100K to get into anything other than a condo, and I do not recommend that.

Make sure to budget for any repairs that might be needed. 

With the right budget for fixes, you could add value to the property and turn it into a profitable investment.

I faced challenges with unexpected repairs during renovations, but having a contingency budget helped mitigate these issues.

I faced challenges with unexpected repairs during renovations, but having a contingency budget helped mitigate these issues.

Management can be hard, but I had good demand from travel nurses for budget room rentals when I had a furnished rental in San Jose.

Trevor, we've thought of wedding venue.