Hi Everyone,I'm inheriting a 2 family home that has been recently gutted.

Okay I’m done:D My girlfriend and I are 21 years old and both blessed with the opportunity to stay at home until we are ready to move out on our own.

Remember they have also invested in the home with the inspection, so they may not be as willing to move on to another home.

Here are some key points to consider:Accessibility: Residential properties are often more accessible to individual investors, especially those starting out with smaller capital.Tenant Stability: While turnover can occur, residential leases tend to have shorter terms, offering more flexibility if you want to adjust rents or change tenants.Market Liquidity: Generally, residential properties are easier to buy and sell due to higher demand from individual homebuyers and investors alike.Emotional Appeal: Homes and apartments can have a strong emotional appeal to buyers and renters, which can influence demand and pricing stability.Purchasing: Residential real estate will require a down payment of at least 10% of the purchase price. 

I’m looking tot purchase my first home this year and I have been looking at properties that just need some TLC to be move in ready.

For this to work you need to have lived in the home for at least 24 months out of the last 5 years of owning the home from the date of sale.

It’s to prevent scammers from stealing elderly people’s homes.  

FTR I grew up in mid-century segmented midwest homes and have lived mostly in open floorplan homes as an adult.

Thanks for sharing, I agree that time and long term investing offers the best return on the monumental investment it takes to  update a home.

For example a buyer of a $500k home with an assumable (existing) mortgage balance of $225k would need cash to close of $275k plus closings costs.