We are looking to buy our first rental that we can use for VRBO.

I am not a financial whiz or a commercial giant by any means, only that I know if we sell this property, the buyer is going condo route, so why couldn't I go that route.I am guessing my biggest mountain at the moment is how could I even possibly get financing for a 30-40 unit complex since in theory we are talking in the multi millions.  

Since our budget to start this adventure is small, most  of the potential homes we are finding are very old & have fireplaces.

We are looking for a local bank that serves Hobart Indiana and does cash out financing so that we can get 80% of the ARV out.

We are a growing and thriving market.

In his example if you get the other end of the ARV ($500K) then we are talking and All-in max of $350K.  

I'll share the basic details of my policy as well as the process we are being told to follow via insurance:$55k +/- fair market value of home$75k insured value classified as "replacement cost"$3k deductible with fire, water and smoke damage coverage$3k coverage on loss rents$39k principal balance left on mortgageWe submitted the claim online with the photos below.

Red tape?

@Curtis Bellenot I actually just moved from Savannah but we are trying our hardest to move back once I get done with recruiting.

We are happy that you have joined BP!