Market research is key in selecting the right state, focusing on factors like job growth, population increase, rental rates, and vacancy rates.

There are some clever and legal ways to navigate your way to a lower-than-market-rate rent, but you should speak with a QI or CPA before doing so. 

I did find one that would do the deal later but with the interest rate(9%) he was offering it made the deal unattractive.

I have a prospective contractor who scoffed at my 1.5x the rental rate for the SD when it was a 12 month lease and was also concerned about signing a 12 month lease in case their contract ended earlier.

Rates should be close, origination fees should be close. 

Here is how most work:•Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

Research  The wage rates for the positions you want to hire, in your area.

Definitely want to good basement waterproofing company and choose the best rated .

Being honest, after cash on cash, dcsr, cap rate, noi, and occupancy rate.

Interest rate as of March 2024 is around 8% for refinance and it's challenging to find something that return at least 10% cash on cash right now. with the line of credit like HELOC you only pay when you draw. good luck!