It’s a great way to add value to a property without putting a ton of money upfront, and it can set you up for financial success in the long run.Has anyone else done a similar renovation project or used a gift of equity in their deals?

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

A potential issue that could pop up with the refi is your current address on the application being the subject property on a business purpose DSCR loan.

As always, conduct thorough due diligence and make investment decisions that align with your personal financial goals.

It gives you one property that can potentially pay for itself while putting a roof over your head and giving you experience as a hands-on landlord.

This also includes any potential benefits for tax losses, no matter where they are sourced to.Given the property is in MO, it would also be subject to income tax reporting in that state, unless there are any exceptions to having a filing requirement there (I don't know MO rules off the top of my head).  

A couple of things I like to tell my newbies-Owning a short-term rental property can offer significant financial benefits.

Finding a potential lot won’t be hard but getting a local municipality to give you the green light to build an MHP is going to be next to impossible.

You can still find positive cash flow (aka the 1% rule) and amazing appreciation potential.

You want to have your financial house in order so you know what you CAN afford and what you SHOULD spend.