EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

The hard money loan itself will cost me very little.

There are far too many hungry loan officers (No offense) trying to make it in the business who are never closed on a commercial loan of even A DSCR loan.The problem with that is it will cost you lost money and most importantly lost time!

I have never lost an eviction case.The typical cost of eviction, including serving the Writ, is almost always under $500.00 and accomplished in less than 30 days.

I have been working in this neighborhood for a while fixing up the historic homes and noticed another one of the houses needing work.

Connections will be your biggest thing and going to any STR/LTR investor meet ups can help with FB groups.

Most properties over there get snatched up really quick since they are in good school districts with low purchase prices and you don't need to do super nice finishes to get top of the market rent or ARV. 

Any idea on what would be the per sq foot construction cost for this project?

I have met up with local realtors and started a few relationships with investors. 

I'd love to set up a time to chat more.