Your key considerations include loan approval, property management, market research, legal ownership, tax implications, and an emergency fund.

Will this work on a conventional loan in California?

If you're looking at a property that needs rehab - look into a fix & flip loan.

Yes it does exist, but on loan amounts $1 mil or more for a Freddie Mac SBL loan.

Income generation is expected to commence for two houses during the rehabilitation phase upon securing tenants.

Hello all, my wife and I purchased a property with a FHA 203K loan.

I paid the loan off in full earlier this year and am now under contract to sell, with the closing date upon us.

To address this, we agreed that I would work in the business for six months to verify the financials, which so far align with his POS system.My main issue is that at 23, I don't have strong financials to get a conventional loan at 75% LTV with a ~7% rate, and the seller's lack of financials complicates bank approval.

@Martin Yip Toll SoTypically only homes assumable are VA loans which you would not qualify for

Regular inspections for any signs of wear, cracks, or water damage are advisable to maintain the facade's integrity.Parking and Access: The covered parking area is a significant advantage for tenants, but ensures the area is well-lit and secure to prevent any potential safety issues.Interior Features:Layout: The open floor plan with large windows ensures ample natural light, which is appealing to tenants.