Obviously, I don't know anything about your finances, so for all I know, you may have a few million in the bank, and this project is just a fun experiment that wouldn't even be a drop in the bucket if it all turns south...but, regardless, you'll want to model out what would happen if this project crashes and burns...As you may know, managing a rental in a D to F area (or even a C area) is usually not recommended (for many reasons), and funding a rehab with credit cards is also usually not recommended (again, for many reasons). ...even highly experienced investors often won't touch anything lower than C grade because of all the difficulties of managing and re-selling them...If you're dead set on rehabbing the place and keeping it, I'd strongly suggest studying up thoroughly on the local rental market and tenant pool (e.g.; rent medians and lower and upper bounds, typical days on market before securing a tenant, local vacancy rates, tenants' typical income, education level, employment opportunities, credit, and rental history).

Demand is still insane with net migration upwards of 250k/yr for the entire state of Florida, Miami is a big chunk of that.Good luck on the pitchThanks for the comments....According to Miami Herald reports July 22, 2021, "Miami-Dade and Broward are the only counties in Florida that require aging high-rises to get reinspected once they hit 40, and every 10 years after.

Due to the high real estate costs in my area, I would love to connect with investors who have had success investing in long distance real estate or have completed a house hack in the tri-state area.

That's some heavy lifting, even by high standards.

I’m working with a property manager who says they never use dehumidifiers for the high maintenance but shouldn’t I be worried about mold in the basement?

Most condos don't appreciate much (especially in today's market), and I am seeing HOA fees continue to rise year after year.In terms of value added, it costs about $400/sq ft for a standard ADU here in San Jose, so it would be worth it only if you are in one of the highly sought-after neighborhoods.

Another point would be to check comps, as high activity is a good sign for BRRRRs.

It is down from 38% to 32% but its still abnormally high.6.

This is most important to me as I earn high income and have a high tax liability.

They are a Purchase & Sale Agreement, Title Report, Power of Attorney, Disclosures, Closing Statement, Payoffs and a business card to a good attorney to get you out of the mess you will create if you try doing this on your own.But use somebody, like us, that actually knows what they are doing to learn this.