I believe pulling out original anodes could be a challenge in a water heater closet.  

Originally posted by @Quenton Mullins:It is.

I'm originally from an area right by South Bend! 

Originally posted by @Todd Rizzardi:Hey Conor.  

Things to look out for----Ask a lender what your potential interest rate is going to be and what lender fees are associated with this rate (underwriting fees, points whether they be origination or discount). 

(free application fee, move in gift, etc.)There are lots of great ways to promote your rental. 

Most hard money work as follows:•Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

These have horrible rates and fees compared to a true commercial loan, but they close faster, and are more flexible on that DSCR.

There are closing costs, loan origination fees and Homeowner's Insurance to add into the number, You will get better detail from whomever is lending the money.

Their fees to do this is you pay them 3% of the ARV on the buy and 3% of the ARV on the sell to them (you have to let them represent you on the buy and sell but when you buy, their commission is still based on the ARV).This might be a great way to learn and make money at the same time.