Renting out your current home could provide steady income, helping offset the new property's costs. 

The forms are online, and it costs $100 per filing. 

It is going to cost more than you expect, and you'll have that "Oh, crap!

$1,500-$1,600 is about the going rate for a 2/2 in most average areas of BR, but I can see where some neighborhoods would get more.Another thing to think about - if the property is sitting vacant right now and you have ready and willing (and qualified) tenants, then the opportunity cost of waiting an extra month or two is $1,550/month.

The easiest way to find and connect with wholesalers is either bigger pockets or by googling "sell my house fast in (town name)" although that may cost them a click for google ads.

Quote from @Dylan Webb: Have you talked to a lender to see what it would cost you?

Option 2: Electrician recommended mini splits - said 2 units should do the trick and would cost around $6-$7k.Heating system 2 is forced hot air oil furnace specifically for the 3rd unit.

.- Expected renovation costs $1MM.

Here are a few to watch out for:Property Condition: Most distressed properties need extensive repairs or renovations, which add to your initial investment.Competitive Market: With Phoenix's popularity among investors, competition for the best deals can be intense.Complex Deals: Foreclosures, auctions, or short sales are much more complicated compared to regular real estate transactions and usually require specialized knowledge.Tips to Successfully Navigate the MarketDo Your Research: Understand the local market conditions, including neighborhood trends, property values, and potential rental income.Build a Strong Network: Work with professionals who specialize in distressed properties-such as brokers, contractors, and legal experts-to make the best decisions.Assess Costs Carefully: Factor in the cost of repairs, holding costs, and any potential financing issues when evaluating a property’s profitability.Be Patient: Finding the right distressed property takes time.

Also, how do you balance cost-effectiveness with providing a high-end feel?