Let me know if you want to see some properties in Worcester.

When I did underwriting, since a portion of the insurance costs and property taxes are collected at closing, I reduced those from the first year of expenses.

And a recommendation for an agent and property manager that you know/trust, would also be a good tip.I know it's a lot, but I'm trying:) Thanks!

For clarification I actually intend to live in this property for the majority of the year. 

It was a self-storage property in a small town in Central Illinois with a recently underway residential development adjacent to the property, so lot's of upside.

We have recently loosened our cancellation policies on most properties to remain competitive. 

If the property doesn't meet the DSCR or the value basedon the market cap rate, your down payment will increase to bring up the DSCR orclose the gap to cap-rate value.Challenges/Lessons Learned: Just becauseyou can buy a property with a CMHC insured loan doesn't mean it is a good deal.We've seen a lot of investors agree to pay too much for the properties, and getshocked with a big down payment and low cashflow due to the low DSCRrequirements.

Hey David, this sounds like a great project with the potential to add a lot of value to your property.

I have a few questions:- Since we may need to move to a different state for residency after medical school and I don't have experience with real estate, would you suggest a property management company, or does it not make sense to own a property that could potentially be out of state?

Property Sellwise