Rates will be comparable to an investment HELOC (likely slightly lower) but are fixed, not variable.

Hi Jagger-Great question.I am a fellow Michigander from Ann Arbor.Nothing against Maine but the Midwest has seen some of the strongest rent growth in the country.When I consult with my clients, if they don't have the budget for a market like Ann Arbor, I direct them to Lansing, MI.The cashflow is strong, the economy is stable, it is the State capital so there is always economic development creating new jobs, the price point is relatively affordable because the cost of living is lower there, and appreciation is predictably linear.I also advise investors to buy duplexes and up so you always have a rent check coming in most of the time if you have a vacancy.

You will need to set up the loan principal as a liability account and record the monthly payment, the principal portion will reduce the liability account and the interest portion as an expense.

HOA fee will probably continue to increase, you never know when an expensive assessment is around the corner and there is some potential for a price crash as they are really overbuilding (imo).

When you say, "write it off", is there a way to "expense unpaid rent"?

Insurance is getting way more expensive than we might have envisioned and we needed to see it as a relationship more than an expense and just switching companies-which would not have worked anyway.

HI Mary,There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

Living in Vancouver, you already know how expensive it is to invest here and how its ultimately a losing proposition.

I probably would not in lower cost markets with rougher tenants.

@Brett Lofendo when you start looking at house hacking in the more expensive areas, you can do it but you won't see massive cash flow with 5% down.