We are looking into getting a fixer upper and plan to rent out our original residence ( Zillow says we can get $2700 median rent in our area ) while moving and fixing up the new house.

You purchased your property in 2017 with an expected rent amount of $1,549 on the original property evaluation. 

Depending on the lender (bank or alt. lender) you have to look at origination fees....points, doc prep, interest rate, frequency draws are allowed/min. draw amount allowed per request, interest payments vs. interest reserve & whether interest reserve is capitalized to fully understand the true cash requirements.

I made a relatively low offer and after one negotiation we settled on a price that was about 45% lower than the original list price.

Understand Replacement cost versus original building costs. 

Originally posted by @Kenneth Bullock:@Mindy JensenryrfWhat does this mean? 

What type of loans are you buying, performing, non performing, seller financed?

I can only speak to the Texas market, where malls that focus on creating consumer experiences (coffee shops, kids play area, entertainment-based tenants) are still performing well even in this age of online shopping.  

I was from CT and Boston originally.  

Permits and LLCs for Contractors:Your associates/relatives don’t necessarily need to create an LLC to perform renovations.