So I basically would want a person who looks at the whole house and gives me the appraisal cost, the areas that need fixing (ex. kitchen cabinets, tiles, bathrooms, plumbing, electricity, etc.), and how much the cost would be.Then this way, I could decide to proceed or not based on the assessment.

Hiring a Manager: Decide whether you'll manage the property yourself or hire a property management company.Tenant Screening: Develop a tenant screening process to find reliable renters who meet your criteria.Legal and Tax Considerations:Legal Structure: Consider forming an LLC or another legal entity to protect your personal assets.Tax Implications: Understand tax deductions available for rental properties, including mortgage interest, property taxes, and depreciation.Networking and Education:Real Estate Forums: Participate in forums like this one to learn from experienced investors and ask questions.Local Real Estate Groups: Join local investor meetups or associations to network with professionals in your area.Continued Learning: Attend seminars, webinars, or workshops to stay informed about real estate investing strategies and market updates.Starting with a rental property while keeping your condo as an investment is a great way to begin building wealth through real estate.

The challenge for present day investors is with elevated mortgage rates and record high housing prices, the carrying costs and incentive to invest now can be restrictive. 

A fully paid off property which now should be worth at least $300K with appreciation, I can access 75% of that with a cash out refi so roughly $225K - refi costs.To me, its a no brainer to do bi-weekly IF you plan to keep the house for that long AND you do not plan to refinance (rate or cash out).

I met a syndicator and developer in my market at a local REIA of all things!

Stepping into a house and listening to the investor talk about what they did to acquire it and what their BRRRR or Flip plans are was the icing on the cake.Just my $0.02.

Unless this is your dream house and that's what's necessitating the build, not the economics, you should really think twice before executing on this subdivision/new build.

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@James Wise : thanks for the information on the housing judge.

I inherited my father's home and am entertaining someone who has cash offer for the house.