@Alissa Laffer does the HOA cover all utilities because that is something to consider?

Now we basically have 2 - 1 bedroom appts on our property while we utilize the 3 bedrooms.

Some other costs you need to consider which are commonly missed from turnkey proformas - turnover/rent ready costs, "hidden" property manager costs, closing costs, and lawn care/utilities/pest control/hazard insurance (if applicable).

Public utilities are not available at this property. 

Initial renovationsFurnishing the rentalMonthly utilities, internet, TV, consumables9% lodging tax rateMarketing and bookingLet's say you make $17,000 a month income.

I do have a real estate attorney that I can utilize.

Utilizing the househacking strategy, you'll likely be able to save significantly on your monthly expenses and use some of those savings to pay off your debt. 

Hayden you need to add your closing costs, taxes, utility payments etc. into your calculation if you are doing a honest evaluation.

Great way to leverage cheap debt and utilize low down payment.

I would essentially rehab it for the owner and give them the money they are looking to get to selling.ARV: $375k - $145k (rehab costs) - $125k (cost to "buy" the house from seller) - $26k closing costs = $79k left over.Holding costs would be just utilities and taxes since there is currently no mortgage from the current seller and I am never officially buying it from them.