Rent it out and wait for the comps to catch up to what you paid.

Spoke to a local real estate agent and some others and so far everyone says that it would be a huge headache (legalities etc) and would cost a ton up front. 

Connections will be your biggest thing and going to any STR/LTR investor meet ups can help with FB groups.

Do they have the necessary resources to stay on top of all the tax issues such as 1031 exchanges, 754 Step-Ups, etc.Feel free to send me a private message if you have any questions here.  

I have been working in this neighborhood for a while fixing up the historic homes and noticed another one of the houses needing work.

Add all adults to the lease and make them 100% liable for all terms and conditions, regardless of who is paying.You can create a new lease, but adding tenants can be as simple as having them sign the existing one or typing up a short addendum.

Most properties over there get snatched up really quick since they are in good school districts with low purchase prices and you don't need to do super nice finishes to get top of the market rent or ARV. 

At the time I did it, there was potential incentives of up to $750/unit for the 2 year and $1000/unit for the 20 year. 

If things go right you will be doing more than 1 house , the issue will come up again .

Hey everyone, I've been reading on real-estate since a few months before we bought our first in January and I've caught the bug. I'm getting close to my savings mark for getting started so I'm looking to get involved,...