Churches usually keep their places in good shape too.

Winters have been pretty consistent - You can usually keep occupancy high, but your nightly rates plummet.

The lawsuit cannot usually reach the property value that is included in the loan, so this makes the prospect of taking the asset much less attractive to seize.Additionally, as a side note, if you have multiple properties with high equity, placing them in a single LLC is usually not advised, as a judgement on a single property can then reach the other properties if they are all owned in the same entity.

You’re at $368,000 AND you had to come out of pocket an extra $68k to cover these costs unless you borrowed that money as well.If property 1 is as good as you’d make property 2, I’d  buy property.

i'd take the 3 'more expensive up front' options, for each one list the difference in closing costs between that option & the 'cheapest up front' option, then compare your cash-on-cash return for each for the initial additional investment vs. the saved interest in year one. that would give you a starting point for if the extra investment up front is worth it or not per whatever your normal desired COCR is for any investment. but another thing to consider is, how long is the rate fixed for?

@Emil Pinlac I’ve done a handful of ADUs here in Los Angeles area, It usually cost me around 30k to do a straight garage conversion (420-500 square feet)and around 40-50k For a brand new 500 square feet ADU but I do it as owner builder and sub everything out.

It seems like a smoother path to profit with less hands-on management.Here's where I'm at: I have units that attract guests, usually working-class workers sent by their companies, staying for 3-5 months.

@Margaret MirasolaWe created a "Deep Dive" series here on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider: https://www.biggerpockets.com/member-blogs/3094/99854-deep-dive-into-metro-detroit-cities-ecorse We're not aware of any other property manager, agent, turnkey provider, flipper or wholesaler that's made the commitment to do this!

We are looking to purchase are first rental property to generate extra income.

Also, you won't have full ownership rights until the mortgage is completely paid off.Talking about how realtors get paid in Subto deals, the usual commission from the seller might not work if they don't have enough money.