If you do not have an FHA mortgage then go ahead and apply for one on the investment property. 

This meant I couldn’t pursue the driver personally and had to rely on their car insurance, which settled for $25K—their maximum coverage.Unfortunately, the crash added $77K in unexpected costs, including $41K in repairs and extended holding costs.

If you buy real estate, you will spend hours and days and weeks and months of your life dealing with it… Home repairs, guests,… An investment really has to be pretty amazing to sacrifice all that time for itThe houses I own I bought many years ago at dirt cheap prices and dirt cheap mortgage rates.

The property manager should be involved before you buy any property to give input on due diligence, how to increase income and reduce expenses, and to make repairs or improvements to maximize occupancy.Excellent property management is critical to your success before, during, and when planning to sell or refinance.To your success!

Being able to A/B test MTR at the same time would allow you to know if you can convert the STR to MTR if you ever want to move out and keep the property.As for the net negative house hacks - I always like to remind people that shy away from a deal because they aren't making money that they are usually still coming out ahead if they are spending the same or less than they would on rent.Great last point.

I would add to this account every month, allowing me to pull from it whenever there was a large repair or capex event. 

., repairs, management, communication with the seller).Exit strategies in case things don’t go as planned.When you do find the right partner make sure to create a joint venture agreement that outlines all of this clearly.

Maybe seller financing.But let me ask this question, what happens if in the third month the furnace goes and needs $2000 worth of repairs?

Quote from @Ricardo Polanco: Good evening everyone, I am evaluating the possibility of buying a multifamily property in Scranton, at this moment it has 2 apartments that only need cosmetic repairs and it has a big 2nd floor unit that needs a full repair.

I stack cashflow for capex and repairs because I have a decent W2 job that I live off of.