You have to know what a Lot in that area is selling for and add on the cost of NEW Construction in that square footage to really know anything.

@Jasmine HuNot sure I would go to Memphis and don’t know the VA markets.I’m in Greenville SC and love that market - midway between Charlotte and Atlanta.Booming population, income, and job growth - not as competitive as the NC and Florida locations.As you note insurance costs are in issue in FL and probably in Wilmington too.To add some additional context, one can invest successfully in most markets.For me, knowing your market is as important if not more important than selecting a market.

The Program utilizes forgivable loans called "Deferred Payment Loans," which require no monthly payments to subsidize the required costs of rehabilitation.

Make them based on what your tenants need (not want) which would also allow for them to customize (furniture use) to their tastes.I wrote a book on this a number of years ago that touches on a lot of these things, but it was focused on my specialty, "Energy Efficient, cost effective homes". 

Depending on the current environment and competitiveness of the market it can sometimes be hard to find the same yield for the same risk. 

With $50,000, I could cover the down payment and some renovation costs.2.

I love that you rented two of your bedrooms as mid term and short term rentals and made enough to pay for the mortgage and now you are going to use the rental income to show you can qualify for another property.This is an excellent strategy and one more people should consider doing in this inflationary environment to offset the biggest cost in their budget--housing.As you rightly point out, you can use this strategy with every house you buy accumulating a portfolio of houses that you originally started out living in as a primary residence every two years.Well done and more people should consider doing the same, or rent their garage, or shed, or a boat, or an extra car.Love it!

Not to scare you - but we made one mistake on a flip - replacing old wooden windows instead of rebuilding them - and it ended up costing us $50,000 to our $175,000 profit margin.  

2) How often are they sending you updated rental comparables to discuss price adjustments vs making improvements to meet the competition?

Partner Driven financed the Foss Ave deal using its own capital, covering the $215,000 purchase price and $35,000 in renovation costs.