Possibly looking to partner up.

Even then the rent only goes up a certain percentage of the renovation costs.

There's a property tax foreclosure auction coming up in my area soon (Ingham County, MI) and one of the properties being auctioned I found out is a 3 bed, 2 bath modular home.

I can only speak from my experience in college but landlords in Madison, WI primarily did year long standard leases (not rent by the room) and it was up to the students to find subletters if they wanted. 

Purchase price: $55,000 Cash invested: $85,000 Sale price: $280,000 I feel like luck and timing played a roll in scooping up this Garfield Park home.

Our folks do that method too.

this is a toughie. hard money specifically is equity-driven, meaning they'll likely want 40%+ down to even entertain the deal. additionally, land without improvements is often very inexpensive (relative to land with improvements), usually pushing below a threshold which makes sense for a hard money lender. if you're not intending to build right away, then i think you'll have the best luck with private money instead of hard money. usually higher leverages than hard money, and more negotiable terms.if you are intending to build on it pretty right away, a ground-up construction loan could work, but those will typically require some ground-up construction experience (on title on other ground-up deals), or an extensive portfolio of heavy rehabs/ rentals/ strong liquidity. those will give you acquisition monies (to buy the land) and build monies (to build the improvements).

Or at a local real estate meet-up is another great option.3) IMO (duplex, triplex, quadplex) are best, butttt in some areas supply is limited.

Any company insuring your properties without an inspection most likely has a clause buried deep in their policy allowing them to deny claims for conditions found on the property that do not meet their UW standards and they will deny you claim based on "the house should have not been insured with them anyway".Although the inspections can be annoying look at it from the other side.You pay them 1000 to 3000 a year to insure a rental property where they agree to pay out possibly hundreds of thousands of dollars if it burns down or up to 1 million if a tenant slips on a bananna peel and falls down the steps or the tenants dog bites someone and since you didn't enforce the tenant having their own renters policy to cover the dog bite the landlord's policy is paying out.The insurance company is very much like your rich uncle backing your business venture - you run the business, he takes on the financial risk from disasters, and doesn't even get a say in who lives in the property.Your rich uncle asking you to fix the steps, put up a handrail, etc which is in your and his best interest long term.Do you really want to rent out a property with a busted front step and a bad roof that is going to leak sooner than later?

Hi all, following up on AB 1033, there was a lot of interest on this law at the end of 2023 but it's been crickets since then.