(I assume a 2nd, separate apartment is what your are suggesting when you use the term MIL suite)Can you provide a more detailed breakdown of the monthly expenses you are using to calculate for your $635?

I am curious, as I don't know much about townhome communities, and I assumed they pretty much all had HOAs.How many townhomes in your community?

I would assume that Shelby County has its own system and Tipton County is probably online with US Title.

Assuming they are month to month, you could start a new agreement the following month to cover the additional cost of the unit at say $100 extra lot rent.

Let's assume I held the property for a year with a tenant on a twelve month lease after renovations were completed.

A $50,000 loan amortized over 30 years is only about $268 a month and that's assuming you make no profit from renting it.

My guess is someone came by to look at the place and was interested in leasing it, and he assumed he was one of the "new tenants", when he was just interested in leasing the place.

Underwriting assumes that you will sell the NOO or the vacation home before you would sell your primary residence in a time of desperation, thus the need for more "skin in the game"

I am a mason and I have 2 partners who are carpenters, so we are able to very accurately assume what thinsg will cost and have a definitive time frame.In my opinion, buy and hold is a great starting point (that's what I did), theres tons and tons of resources here and people to answer questions for ANY topic!

Just assuming rents wouldn't be sky high with reliable cash flow. :)