We did the cost seg year one so all the tricky accounting is out of the way.

How did you manage or reduce these costs?

I also own a small renovation company that has operated in my are for nearly a decade. so my rehab cost on a property would be much more cost effective than hiring outside contractors.

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

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You may pay a bit more and make a little less, but playing the long term game is key in real estate.The types of structures could be lump sum (one price) or cost plus (meaning you pay the cost of material and labor plus a flat fee—more of an open-book model).I see some investors who want to pay for ALL the materials, which is excellent for the investor (more control of finishes & cost) and general contractor (if they are getting paid well).  

However, due to unexpected construction costs and delays, the project is now at break-even.

I'd be happy to help you with that and also run you through closing costs here in the city of Chicago as well.

When you house-hack, you have a property that is both a personal residence and an investment property.As such, certain costs, such as real estate taxes, mortgage interest, snow removal, insurance, etc have to be prorated.There are other costs that, if directly made to the investment property section, can be directly deducted.

It is my understanding that the STR rules in Cleveland are as follows: - Density limits: In residential districts, STRs can't make up more than 15% of the total homes on a block or units in a multi-unit building.