The hard money 10% plus additional thousands in closing costs was too much to swallow. 

I built a house and it’s going to be difficult to sell as I have no equity in it because of Cost to build.

As long as your purchase, rehab and closing costs fall below 70% ARV then you won't have to bring any cash to close. 

There is so much free and low-cost information out there.

Today it has good cash flow (~$6k/month using 49% expense ratio) and is up ~$1m above costs.  

Short term rentals do get more money, but also cost more to run and require more time.  

We are considering building and holding townhomes but need to determine the costs.  

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.

Outside systems like plumbing, sewage, and the water heater should be in good condition, and make sure there are no signs of pests.Additionally, look into property taxes, insurance costs, and zoning laws that could affect future development.

I have been in Milwaukee WI for quite a while as investing in my backyard in NY is cost prohibitive. good luck on your journey!!!!