The history here is that when I bought the 3-family property 2 years ago in Chelsea, MA, the condo association for the property next door forced the previous owner of my property to move her fence about a foot so that...

@Lance StokesI say focus on one market one methodology build up your connections and then once you are kind of established and have some credentials expand your areas of interest and markets.If I were you I would pick Indianapolis INI think it will be a bit easier than Cincinnati but still need better bigger market than Toledo

Cleaned up land and Structure What was the outcome?

The property will be paid with by residential lending products and personal money, but how is the business part of this plan be established (i.e., creating a legal contract for rent/finding tenants)? 

If you would clean up the mess and walk away then you need far less. 

Would like some advice on this deal - thank you in advance SFH under contract for $106k (current owners purchased a year ago for $59k and did lipstick on a pig) - neighbourhood nice b /class neighbourhood - no crimeInspection brought up a few things Asbestos tiles in the basement, im told they are fine but I would prob want to epoxy over them to be safe though not needed I just dont want to have anyone at risk ($1500)Roof will need to be replaced in the next 1-2 years ($8-9kish)Garage door needs to be replaced ($700)Stairs and driveway need to be addressed ($2k)Had drain scoped needs to be cleaned out ($500)AC is working but on the way out ($2k)a few windows needs to be replaced and smaller stuff etc - looking around 15-20k out of pocket to get home up and running Now all done up this home will appraise for $120-125k and rent for 1400 a monthhowever and I understand the sellers want to make some money (home was sitting on the market for awhile) but this is a pretty big list of big expenses and while I dont mind taking them on to be all in with zero meat on the bone from an equity standpoint seems not ideal as I will be locking around 40-45k up in the property.Insight appreciated - thank you for getting this far

It is technically your resident as far financing concern so you should be able to buy it with 3.5 percent.I would say upper fells point would be nice as as well, also right around hospital gets a lot of travelling nurses tenants, so you can rent to nurses and be there 3-4 night a week.Canton etc... could get young professionals and I rather nurses they are way more quiet and clean at home.Let me know if you have more questions since I have a multi in upper fells and have been renting to hopkins crowd.

After cleaning up the mess I sold the property for over 4x what I paid. 

Would like some advice on this deal - thank you in advance SFH under contract for $106k (current owners purchased a year ago for $59k and did lipstick on a pig) - neighbourhood nice b /C class neighbourhood - little crimeInspection brought up a few things Asbestos tiles in the basement, im told they are fine but I would prob want to epoxy over them to be safe though not needed supposedly I just dont want to have anyone at risk ($1500)Roof will need to be replaced in the next year ($8-9kish) and chimney needs workGarage door needs to be replaced (has a hole in it) ($700)Stairs and driveway need to be addressed - very bad trip hazard, driveway needs serious work ($2k)Had drain scoped needs to be cleaned out ($500) but otherwise goodAC is working but on the way out in the next yeara few windows needs to be replaced and smaller stuff etc - looking around 15-20k out of pocket to get home up and running Now all done up this home will appraise for $120-125k and rent for 1400 a monthhowever and I understand the sellers want to make some money (home was sitting on the market for awhile) but this is a pretty big list of big expenses and while I dont mind taking them on to be all in with zero meat on the bone from an equity standpoint seems not ideal as I will be locking around 40-45k up in the property (from DP and fixing cost) and homes in this area appreciate around $1k a year - so not much appreciation potential Insight appreciated - thank you for getting this far

I have 2 homes in a VA loan and am looking to sell my first home into a LLC that I establish to essentially do a cash out refi.