Which means they can either sell it for cash or have the down payment already covered to secure a construction loan. 

In June we closed on the property, secured $2.1 million for the purchase and a $1.5 million construction/rehab loan.

@Justin Megna you can use alternative financing where the property secures the loan.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

@Stephanie WellsUnless it’s adding parking spots I wouldn’t say it would hold much weight on the appraisal. $6k-$8k is a lot to spend compared to the return you’ll get on adding value to the property.

We have also secured a real estate agent who will only take 4% commission and who will guide us through the process.Obviously our plan is very elementary in nature as we have analyzed a minimal amount of deals and are not entirely confident in our abilities to determine the ideal purchase. 

For whatever reason, the landlord returned the security deposits to the tenants during the pandemic.     

That is priority one.You have a security deposit you can use to make up for rent? 

It needs a basement or crawlspace foundation to secure since it is permanent.

Is it going back to a 9-5 job to show a secure income the only option?