In the meantime use this resource to find out the areas around hereUse this rating and classification system I have created over time to get an idea of the "Class" for the area - A class B class & so onhttps://www.areavibes.com/Here is my rating & classification for each livability score. 80 and above A+78/79 A76/77 A-74/75 B+72/73 B70/71 B-68/69 C+66/67 C64/65 C-60/63 D59 and below F

In your case, where your rental rate is $2300 for a 3-bedroom unit and the maximum voucher amount is $1650 per month according to local resources, there's a notable gap.

With that said STR management rates are coming down, as a lot of things are.

However, the good news is since you've owned the property for over a year it will be considered a long-term capital gain which holds a much lower tax rate than if you owned it for less than a year.  

He owes 43K to the bank at a 11% rate of interest. 

A trust may offer some of the same benefits as an LLC, depending on your goals, and allowing you to claim the part of the house you live in as homesteaded tax.Make sure you have the right home insurance and consider an umbrella policy for extra protection.Certainly buying a house, using conventional financing with limited money down as a primary residence and renting out parts of the house to help pay the mortgage, is a smart financial move.

What are the terms (payment amount, interest rate, duration, etc.) of the existing financing?

Hi Chandana, This looks okay, I would say you could definitely get a better rate with 30% down on a DSCR loan.

@Joseph DaviniI agreeBut I wonder where all the “housing shortage” folks and “interest rates coming down prices will double” people are?

It will depend whether the costs you incur are considered improvements(which need to be capitalized) or are repairs(which are eligible for immediate write off.Without knowing all the details, it sounds like this is something that will need to be capitalized.