So essentially in about 8.5 years I’d have both units totally paid off and in the clear.

Totally renovating the 2 family home into two condos.

Be sure to also determine the total expense of foreclosing if she can't refinance in time.

Even though we have previously rented out two of our primary residents, with a whole host of ups and downs, going through this process has been totally new in so many ways.  

For a 5 bedroom, the total rent is estimated at about $2,434 median via rentometer.

View report*This link comes directly from our calculators, based on information input by the member who posted.

On top of that they are relatively easy to sell, where something like a multi family has a smaller buyer pool.So back to the details..Purchasing my first condo with $30k cash, then another $10k, puts me at $40k total investment, I rent out for $800 a month, after all my costs I'm looking at $450 cash flow per month.

On top of that they are relatively easy to sell, where something like a multi family has a smaller buyer pool.So back to the details..Purchasing my first condo with $30k cash, then another $10k, puts me at $40k total investment, I rent out for $800 a month, after all my costs I'm looking at $450 cash flow per month.

Well...the Dayton Dragons baseball team has the most consistent sold out games of any sporting team in North America (startling fact), Warped Wing opened a second location, and a half dozen other breweries are now open in the city...Boston Stoker coffee is totally awesome and has several new locations (this is important because it's a key indicator for the successful revitalization of many cities...beer-food-coffee is key)...there is a river front development that is reminiscent of Columbus (which was awarded best on the country), there is big inner-city revitalization...I saw a developer by the name of Simms pre-sell 24 $500k "Brownstone" townhouses in the center of downtown (unheard of in Dayton)...there are 30 renovation projects going on downtown...and they now have a full time staff on the streets to keep the city clean...the population is on the increase for the first time since 1964....I mean this is pretty superficial, but it's every bit as important as economic indicators...there is a lot more to this...There are still "war zones" in abundance in Dayton and it's the Opiate Overdose capital of the USA...but getting better rapidly...just proceed with caution if you elect to invest there...a local subject matter expert is a must!

I keep properties that I have very little cash tied up in and that the tenants will pay off over only 3-5 years for my rental portfolio.Anything that needs a lot of rehab and will allow me a good paycheck when done, I flip.What you keep and what you sell totally depends upon where you are in your investing career and what your goals are.