Despite mortgage rates being double what they were two years ago, the overall borrowing environment remains favorable for state and local entities.Key initiatives driving this surge include efforts by entities like the Michigan State Housing Development Authority, which recently launched a $425 million bond sale aimed at providing affordable mortgages to over 2,700 families.

I'm bias, but renting by the room is a VERY powerful strategy, especially in todays environment. 

That said, through conversations with brokers in the area (and evidenced in the comps I’ve created) I’ve learned that this strategy may be slightly outdated as most properties are currently at market rents given the current rental environment, expenses aren’t a realistic lever to rely on to add value, and there is a real risk I get priced out of the market by buyers with cash, 1031 exchanges, and with longer term hold strategies willing to pay an extra $10-20k per key.

Hi Daniel,Flipping in rural environments with limited comps is a risky move, so personally I wouldn't do it as the risk is too high.

If you can handle a high-intensity environment (many times without adequate staffing) like an ICU, you can handle RE investing.

@Manny Martinez FHA monthly mortgage insurance is typically 0.85% of the loan amount, so you are effectively already paying the rate you were quoted, $200 per month on an $80,000 loan amount would be about the equivalent of a 3% interest only loan, now factor in the difficulty in finding a 2nd mortgage in todays rate environment that low and assuming the refi rate you are talking about is a fixed rate, your $200 extra per month is paying down the balance of the $80k further reducing the effective rate you are paying on the $80k, all while paying about the same effective rate on your existing balance when you combine your rate and MMI... seems like it is a good move to me or at least better than finding a 2nd mortgage.

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If anyone thinks they have the expertise to target pre-foreclosures in the face of federal laws, attorneys being in the mix dealing on either side of these matters, Realtors being aware of the legal environment, banks delaying procedures in anticipation of sales or solutions, bank employees reviewing contracts and pending steps, what a seller may do in expectation of a sale and other issues.......well, you just have at it.  

The stress free environment Donna has provided me with while securing my credit was especially noteworthy: I have no iPhone and would consider myself NOT technologically nimble at all.

Focusing on the rate in today's environment should be 1 part of the pie, what about cash flow, value ADD, rent increase, possible refi, adding amenities that add to rent.