As we went through the process of purchasing the home, we realized we had the opportunity to turn it into a buy and hold rental.

i researched that its doable and it depends on the VA credit or entitlement they have to determine what they would get approved for to purchase another home.

Lance - I've have contractors take down popcorn ceilings in a few single family homes that were built in the 1950's, but I haven't had anyone say that they might have contained asbestos.

So, unless you did some substantial improvements were made you may or may not have an appreciable difference in equity.

May 2024 data showed an 11.9% year-over-year increase in median sale prices for single-family homes.

I believe that successfully navigating this initial investment will pave the way for future opportunities, whether in the same market or elsewhere.Living in New York City, I faced a challenging market ;)I chose Montgomery, Alabama.Here's my process:I compiled a list of states with favorable landlord laws.Using Brightinvestor, I identified cities within those states where the median home price falls below the national average ($420k).I excluded cities with negative income growth and rising unemployment rates.I focused on cities with strong appreciation rates over the past five years (over 10%).I compared price-to-rent ratios.I did break two rules: Montgomery has a slight decline in population, and its largest employers are an Air Force base and government agencies.One significant factor that influenced my decision was the promising price-to-rent ratio, suggesting potential for positive cash flow (though I remain cautious about appreciation).Regarding my acquisition strategy:I plan to employ the BRRR method with cash.

It was initially a single family home that was renovated and turned into a co-living multifamily asset.

A good painter can Spray pretty good if he has the proper tip , good quality paint, and at least 100 jobs done prior to yours.So many factors involved,  are you protecting the flooring,  changing colors a lot lots of repairs done prior?

I had a group of 3 women veterans that wanted to do this out in Santa Rosa, CA, but their relationship actually fell apart during the home search and they abandoned the idea of getting a place altogether!

You are looking to see if they are maintaining the home like a normal person or if they are abusing or neglecting the rental.