Renting by the room....
I just purchased a house in need of rehab for 68K..4 beds and 2 baths. ARV should be around 125. I should have about 100K in it totally when finished. I paid cash for the property, but plan on taking out a loan once the rehab is complete. I have a partner, so I will be actually selling the property to him. Our goal is to pull enough cash out to make up for the initial down payment.
Does anyone rent out rooms? The layout of this property is very nice and I can actually rent out each bedroom for around $650 per month, making the rent a total of $2600 per month. This will be my first buy and hold property and would love some feedback.
Thanks :)