I think the lesson here is to interview potential agents about how they handle difficult communication, unexpected findings on inspection reports, etc.

Hopefully I didn't misquote them.LLC: Liability protection and potential tax benefits.

The city boasts a strong rental market driven by a growing population which could potentially lead to a steady income.

When factoring in additional costs such as maintenance, property management fees (if you do not opt for a property manager, and you should), and potential vacancy periods, the financial burden could increase.Check this out: If you're breaking even on rent at $1,600, any additional expenses or vacancies directly impact your pocket and mental health.

Is this a poor strategy considering the potential market downturn?

Considering the potential for unexpected costs, especially with the unpermitted addition and the need for significant updates like roofing and windows, the profit margin seems tight.IDK, the significant dip into your savings for a project with many unknowns could strain your safety net.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Hey Annwar, with $50k cash and some equity to potentially play with I'd look to do BRRRR's with cash purchases.That said, it will come with its own set of challenges.

So I have a potential property to go under contact.

@Jesse GrimUsing a hard money lender (HML) could potentially speed up the process of accessing funds for your fix and flip projects, but it's essential to weigh the pros and cons carefully.