This rental property will be designed with a keen focus on generating a healthy cash flow.Project Blueprint:Budget: Allocated at $200,000, covering construction and all related expenses.Focus: To merge energy efficiency, durability, and tenant comfort with cost-effective construction strategies, making the rentals both affordable and sustainable.Location: Currently scouting – I'm open to suggestions and insights on ideal locations supporting this vision.Strategic Planning:Efficient Design & Planning: I'm considering compact, multi-functional layouts to optimize space usage and incorporate cost-saving construction methods without compromising quality.Sustainability & Efficiency: The plan includes investing in top-notch insulation, air sealing, energy-efficient systems, and sustainable materials to reduce the building's carbon footprint and operational costs.Budget Management & Cost-Saving Initiatives: Careful budgeting and exploring value engineering options are crucial, alongside seeking out grants or incentives for energy-efficient building projects.Community & Sustainability Goals: To create shared amenities to foster a community feel and implement systems encouraging tenants to monitor and reduce their energy consumption.Seeking Community Insights on:Cost-Effective Building Strategies: How can I ensure the project remains within budget while achieving high sustainability and efficiency standards?

@Kim Durst Potentially you could take the $10k, then have another $10k (or whatever amount you feel covers your cost if there are further issues) held in escrow.

My goal is to have a property where I can put 5-20% down, and be able to airbnb it to cover a decent chunk of the mortgage payment and be able to visiting a couple months of the year.If anyone has any experience with this I would greatly appreciate to connect with someone!

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620, many blemishes, but should have no evictions in last 2 years.

It seems this market is ideal for cash flow, as rents seem to easily cover mortgage, taxes, and more with plenty left over for profit.

Mortgage demand is down 14% over the last year and 40% from pre-pandemic levels (Reventure).

Buy an existing property and if you find one that needs some love, it allows you to fix it up and force appreciation so that it's worth more in the future but you're getting it for a better price now.- Start with that one property.

My question is, in this circumstance, would I qualify for, one, FHA loan (the first mortgage is conventional); two, when I apply for pre-approval, can I not say it's my first home even if I qualify for an FHA (assuming I do).

My and Wife special in this area, we have tons of free content on our Page and our YouTube on the options you mention, and we try and cover the good and bad of each.

Most importantly, they had no processes documented - so their 2 staff members had no idea what to do and it was a mess.New Lease Fee $275 - what exactly does this cover?