Are you planning to use this as a vacation home from time to time?

It's crucial at the beginning to identify your financial goals as well as the amount of risk you are willing to undertake then come up with a plan that is in line with them.

If you plan on using private money funding you'll need a licensed contractors bid to get the loan.

RW or any other experienced commercial real estate brokerage will be a good sounding board for your plan and may have some ideas that have not occured to you yet. 

Just be aware of the HOA fee future.Developers typically set the HOA fees as low as possible to get buyers in.Once they turn the HOA over to a Board made up of actual residents, it's not a question of if, only WHEN HOA fees will be raised to where they should be.This will adversely affect your cashflow, so you should plan for it.

Oh one more tip, ask specific questions, like who is going to not say “yeah im great with communication” , be wary of this trap too because you want the PMs to focus on doing their jobs rather than answering 20 emails from each investor each week, time is our most valuable resource please don’t take up too much of it, when you say “yes” to something you are also saying “no” to something else (opportunity costs)Questions to ask:- what is the eviction process like after COVID 19 in your city (ask for details and differences beforehand)- what are the city rental regulations, what is the process to obtain a rental license, how would you rate this city compared to surrounding cities on difficulty with this process and working with landlords- how do you handle late fees and payment plans, if a tenant calls and says they’re going to be 5-9 days late but have been on time for 6 months what is your response- if multis - how do you handle tenant conflicts- why do they work in property management and how did they get there- if you could invest in any city in the state where would you and why (I love this question because it will tell you if they know where the most profitable areas are for investors and ROIs and hidden costs)- how is water/water bills handled in this city

He's now planning on purchasing a suite (like Black Eyed Peas) but the return might not be as great the last time we looked at numbers.He obviously enjoys owning since he went and purchased another one years later, and is now looking into a third unit.I'll give you some rough numbers on the smaller unit.

You could possibly do a bridge loan, maybe a 6-12 month term to pull some of the equity and rehab, then sell or refi if you plan to hold.

We have now learned to verify the sq ft of every property we plan to buy.

Hello BiggerPockets Community,I’m reaching out to gather your insights on rent-to-own housing programs.