I used a program in Minnesota to finance a small downpayment with a no-interest loan, then had a loan from my parents to fill in about $5000 of costs.

We funded the rehab for 1.3mm.

We just adjust our rents accordingly based on average cost of the water.

Is it a rehab or turnkey?

My advice is to buckle down and save enough for down payment, closing costs, and emergency/rehab fund before you make another investment.

I'd love to hear more about your midterm lease during rehab.

House hacking is essentially the cheat code to get started into real estate investing.Generally done by utilizing FHA loans and 2-4 unit properties.Basically, buy a primary residence, live in it or one of the units for 12 months, move out buy again and do it all over again.Each time you can utilize fha as long as you refi the former before you use it again.Great way to buy a lot of properties with low entry cost!

We made our offer on a small home that needs to be rehabbed in a small rural community south of Rochester and it was accepted ($55,000).

We currently do not have much money in saving due to recently rehabbing both of our houses.

Acquisitions costs are low, property taxes are low, available housing stock is good, and there's always a need for workforce housing and rentals for young professionals.