The rationale being you are reducing your personal housing costs as the rented unit will be covering some of the costs. 

But it's costly, currently I am in the process of setting up ReiReply Power Dialer.

His cost basis at that time plus any extra amount he spent would be his new cost basis.

@Connor GoldenInvesting in mid-term homes means you look at what people need, how much they'll pay, how often it's rented, how much homes cost, and what's trending.

They expect to not qualify on a loan (since income is likely too low) so my siblings and I want to cover it.

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

This should include down payment, closing costs, potential rehab costs, and a reserve for unexpected expenses.Market Research:Choose a Market: Decide on a market where you want to invest.

I understand that we all would like to be able to buy cash flowing rental properties at a low interest rate with zero deferred maintenance and sit back and collect checks.

- New builders have been given lots of incentives for months now - they pay closing costs, buy down interest rates, higher commissions for agents. - Possibly... in most areas of the country the market is a sellers market and the seller can get top dollar for their property.

Ill call around but it sounds like this is just another lessoned learned through the process and the cost is going to be in that ballpark anyways.