@Leslie BeiaI would have a conversation with a securities attorney.

Purchase price: $600,000 Cash invested: $100,000 Conversion of low income to workforce/ student housing.

This is known as a Roth Conversion.

Your job is to bring the conversation back to the current, real-world numbers—actual income, actual expenses, and actual cash flow.

I’ve worked on several similar conversions, and there are some unique factors to weigh before taking the plunge.

Before hiring cleaners for our pet-friendly properties, we have a conversation to ensure their quote accounts for cleaning up after pets.

Conversely, cities experiencing significant, sustained population growth have rapid appreciation and rent growth.

Strategies include starting with SFHs, waiting for the right property, using the Buy, Rehab, Rent, Refinance, Repeat strategy, and exploring conversion opportunities.

Some landlords even have emergency repair protocols that might’ve avoided the locksmith cost altogether.I’d recommend having a conversation with the tenant, maybe offering a compromise like splitting the cost, especially if the root cause isn't clear.

I talked with RES a few months ago, I had a good conversation with the owner I believe.