I paid cash, but borrowed 30k from a family member to cover some extra costs and renovation, the HOA fee is $135, and I pay my family member $500 a month until the 30k is paid off.

We initially met with a couple builders my father has worked with previously and are currently awaiting for detailed breakdown of cost estimates.What would be recommended for taking out a loan for this build?

The intent is to cut down on the cost of applying for rentals, particularly for renters that have to apply more than once in a competitive market.Do you support this?

I’ve already made some calculated evaluations in terms of the expected operating expenses, the mortgage, closing costs, and a 20% down payment. 

If this property had been in one of the areas zone for more density they would surely have done a normal "Seattle six-pack" of 0-lot-line townhouses but instead they short platted 2 lots to still in effect end up with a six-pack even though in an area not zoned for it, at the cost of having to sell units as condos and deal with other ADU limitations (e.g. 1000sf limit).In 2023 the State mandated Seattle-style ADU regulations across all urban growth area cities/counties, going even a bit further (2 of any combination of attached/detached allowed).

Another benefit is you can enter the market sooner with a lower cost of entry( down payments 10-15%), helping you scale and make real estate a full-time income source sooner.

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

If the Seller agreed, there would be some closing costs, and the wholesale fee to comeup with.

Consider renovation costs and potential for adding value through improvements.Resources and Tools:Local Real Estate Networks: Connect with local real estate agents, property managers, and investors for insights into specific neighborhoods and market conditions.Online Tools: Use real estate websites and platforms to analyze property prices, rental yields, and neighborhood demographics.Tips for Canadian Investors:Tax Implications: Understand tax implications for Canadian investors owning U.S. property, including withholding taxes on rental income and capital gains.Legal and Financial Advice: Consult with a cross-border tax specialist and real estate attorney to navigate legal and financial aspects of investing in the U.S.If you would like to discuss further/need financing please feel free to reach out.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!