To prepare, focus on saving for a strong down payment and maintaining a solid credit profile, as both are critical for competitive financing.If possible, look into FHA or conventional loan options for owner-occupied properties, which may offer favorable terms, especially for first-time buyers.

Also, be prepared for potential delays and unexpected costs, especially with long-distance renovations.

Lakewood, OH area has been all the hype and it looks like the sales price is dropping the further East you venture towards W117th street.

I also have no intention of investing in rental properties in the UK no more due to a lot of horror stories and potential new changes in laws, which is why I am very eager to explore the US rental market.I am not a US citizen, my partner is and it will be a joint venture.

You should make sure that in the worst case scenario (no rooms rented out), that you will be able to afford the mortgage.Even though it's unlikely all the rooms will be vacant, its equally unlikely that all rooms will be rented out for a long time, room renters tend to move around a lot so you still want to make sure you're prepared for the vacancy, as Koren mentioned above expect leases under 12 months.  

I am excited that I am finally preparing to purchase my first investment property!

But this is tough to tell and harder to find once installed.Frustrating situation because I haven't found a ton of great problem-solving for snap/click floor once installed, it's all about preparation and installation and then you're usually stuck unless you pull up and replace completely which isn't necessary in your case.

How much will you spend on this venture?

I have been told LLC under 1 name as a single member LLC is less complex and less expensive etc preparation wise.

You can find templates for joint venture agreements on BiggerPockets or other real estate investment websites.Next, consider joining local real estate meetups or online groups where you can network with other investors.