I would then take that profit when available convert it into $USDT and play a 100x futures bet short or long ( most likely long) to return 4.8% profit per twenty-five dollars of movement.

College students don't demand high end finishes, so there may be no value add play on this property. 

(2 years) we replaced some ceil tiles, lacquered the living room floor, painted all rooms but the bathroom, and put in click-flooring in the laundry/bonus room.

This how a typical private lender might loan on your deal:$100K ARV$50K PP (let's assume seller is playing closing costs)Lender will only loan $65K. 

@Codi Clausen Sounds like they are looking for tax depreciation bonuses for 2021.

Your income will go a long way for you with your buying power when qualifying for your FHA loans.With closing costs and everything, if its not a major fixer, 75k is probably a safe budget to play with.

I left biglaw earlier this year to take an in-house job with a (MUCH) better lifestyle but lower long-term earning potential.Household Income: $365 guaranteed, $440 if I hit my bonus and include our rental (bonus is a target of $60k but is not guaranteed, rental grosses $15k though we net less after taxes/expenses)Net worth: $1.15M: Cash-$390k, Equity in existing rental (out of state)- $200k, college savings $30k and retirement accounts - $520k, no debt (both cars owned outright and rental doesn't have a mortgage).Current Housing – We live in a HCOL where we rent a 2bd/2ba condo for $3.1k.

The equity play would likely still make it worth it to buy there though, IMO.

As in, does it serve as a bonus living room?

You can even play with some numbers on DTI calculators and ballpark estimate where you will be after your Refi.