Purchase price: $45,000 Cash invested: $65,000 This is a Single Family property that we acquired out of an online auction, added a new bathroom and a few other minor updates, the majority of the home had just been updated in recent years.

We replaced the windows, floors, new paint, new bathroom and several other updates throughout.

The owner had the Master bedroom and bathroom, I would have gotten the smaller bedroom for $750/month plus utilities, and he was renting out the basement for $850/month plus utilities.You could even look out to western Howard County in the Fulton/Maple Lawn area.

All 1 bedroom, 1 bathroom units. 2 units have laundry in them.

Within FHA loans, those MIP payments are essentially permanent until the loan is refinance (which depending rates could be a wild card).2) In FHA, you also have the additional fees (UFMIP) which is 1.75% of purchase that gets lumped into your loan.

Roofs 25 yrs if new now, kitchens need remodeled every 15ish years to keep values up and rents up, same with bathrooms.  

We finished the basement adding 1000 sqft of finished space to the house. 4 bedrooms, 2 bathrooms.

But, essentially, your first step here should be to figure out how you're going to start generating income.

And again at the risk of sounding naive & being real honest here... we know nothing about building, seemingly, it wouldn't be too ridiculously expensive to build say a rectangular 1500 ft² house on a slab where all you really had was an open kitchen to living room and then on either end of that a master with a bathroom other end 2 bedrooms with a bathroom in between.The main thing which, I know is probably the most cost (and this is going from an amazing airbnb I stayed in with girlfriends called the skyhouse, which I zillowed by the way worth $650000 our budget only about $350 K)We want both sides of the big main room (kitchen & living room) to have  Florida ceiling collapsible windows so that you can have a complete open field in the good weather.A pool would be amazing but can come later.HELP???

Updates included:-Paint & white trim throughout-Laminate flooring throughout first floor-All new kitchen cabinets and countertops-Upgraded kitchen appliances -New carpet in bedrooms-Laminate flooring, new toilet, new vanity in bathroom-New water heater and HVAC Outside of the carpet and HVAC, I completed all the work myself and with the help of my Dad.