By clearly defining these expectations, potential disputes can be prevented, and the property's curb appeal and overall condition can be maintained to a high standard.Local Regulations and Property Type:When it comes to determining lawn maintenance responsibilities, it's crucial to take into account local regulations and the specific type of property in question.

Taking the time to carefully go through the document will allow you to fully understand your obligations as a tenant and avoid any potential misunderstandings in the future.

I am seeking information on a potential deal I came across. 

Hey mate,Take your time (As much time as necessary) to get the right feet on the ground first and foremost.Many folks get caught up in the attractive numbers a potential market presents and completely neglect building a team.A good ream on the ground will make or break your investment and not so much the demographics of an area itself.You can minimize your risk by buying super cheap thus hedging any "mistakes" you make in rehab or by working with the wrong people.Be patient and negotiate tough and you should find a bargain.We do even in today's market although much less often than 3-4 years ago.Direct mail, wholesalers and good old Craigslist are just some ways we buy a lot of our properties.We are also on the list of various disposition managers that send us deals.This site has some decent deals from time to time also - https://investorlift.com/And forget about appraisals unless you manipulate them.It's a blood joke if you ask me... lolI've had deals appraise for less than we bought and rehabbed which is impossible.And I'm pretty confident that my company has bought, fixed and sold more properties in our lifetime than many appraisers have appraised.Appraisers sometimes like to be A$$holes and give a lower appraisal just to screw with the flippers profit.I think they sometimes do this out of jealousy lolIt's a funny world we live in.Just my 2 Aussie cents.Much success 🙏

Relying on rental income to pay off the loan can be risky if the market turns or if the property isn't rented as expected.Additional Expenses: Owning a STR involves more than just the mortgage; consider maintenance, repairs, management fees, insurance, and potential periods without rental income.Given your strong credit score and income, you're likely to get favorable terms on a HELOC.

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To Protect yourself from potential future issues,  disclose,  disclose, disclose.

It's worth opening the negotiation because now that it's in the official property documentation this is an issue that is going to come up for each and every potential buyer.

Here's a brief overview:My GoalObjective: Generate a monthly cash flow of $1,000.Initial Capital: $50,000 for down payments and renovations.Target Markets: Indianapolis, Buffalo, Cleveland, Cincinnati, and Philadelphia.Strategy OverviewProperty Focus: Duplexes, triplexes, or single-family homes suitable for a rent-by-room model, primarily targeting IT professionals and bankers.Market Selection Rationale: These cities were chosen for their balance of affordability and potential for rental income, with a specific interest in neighborhoods popular among young professionals.Financial Approach: Leverage the initial capital to acquire properties, possibly using FHA loans for lower down payments if applicable.Specific QueriesProperty Selection: Given the targeted tenant demographic (IT professionals and bankers), are there specific neighborhoods or property types you'd recommend within these cities?

Payments that you make normally fall into one of 3 buckets100% of the payment can be factored in somewhere on the returnPartial payment can be factored somewhere on the return0% of the payment can be factored in somewhere on the returnHouse-hacking also has considerable tax implications in the event that you want to sell this property.You can potentially defer a portion or all of the gain on the investment property with 1031 exclusion.You can potentially exclude a portion or all of the gain on the personal residence with section 121 exclusion.