Only way you run into this is if the place is destroyed and uninhabitable when you go in or if you are dealing with a complete renovation in a fancy, high income area.  

You find a property, envision its potential, and get captivated by the prospects of rental income or capital gains.

I am looking for ways to create additional income either by house hacking or buying a rental property. 

I was recommended this forum and podcast from a stranger after having a conversation about passive income.

Highest rents during and right after Covid which caused a rush by many investors to flock to our market.Seasonal rentals are good if you are in a cold area and you want to use it for both income and personal use a few times out of the year.

They have all scaled up very fast and have are making passive income. 

Originally, my fiancé and I had planned to pay him a salary to manage the construction and then pay him a percentage of income to manage the property.

The plan was something like this:Purchase price: $2500000Down Payment: 250000, 10% (hard money with 12% rate for 36 mo)Amortization: 30 yearsBalloon: 10Average rent in the area is around $3000-$3200 for 2 bed.So 6*3000 = $180000A commercial corner store will add around 5k in rent.Total rent: 23kNow 23000-40% (vacancy, management, maintaince, capital exp) = $13800Total monthly payment: $11150Principal: $6250Tax & Insurance: $2400HM interest: $2500So monthly income comes to 2650, which is around $378 per unit. 

first post incoming :) I will start this year with househacking(renting one apartment in my house) and i plan on buying another house for short-term renting by the end of the year. 

A PM is just going to hire this out and take 30% of your gross income making it very difficult for you to be profitable.