Any common mistakes to avoid or best practices that helped you make it a smooth process?

Although single family homes are rare in Pilsen, I’m guessing since this is common here there must be an appraisal standard for these sunken single family builds? 

., but your insurer can help fine-tune that number.Liability coverage: $300K to $500K is common for rentals—more if you want extra peace of mind.Loss of rent: Make sure it includes rental income loss in case of a covered event.Personal property: If you're leaving any appliances or furnishings, include coverage for those.It’s always a good idea to double-check what your HOA policy includes and excludes so you don’t under- or over-insure.

Co-living and rent-by-the-room models aren’t very common here either, but the cap rates you're mentioning (7.3%–9.5%) are hard to ignore — especially with traditional rentals in our area barely hitting half that.Appreciate any insight you're willing to share.

HOA increases are common, so the best you can do is anticipate those costs and ensure your rent rises slowly to keep pace.

And what pitfalls would you warn others to avoid?

I have a system in place for how I plan to handle this phase of placing tenants, but please, anyone who comes across this post please give me good tips, like what are some common questions I'll get asked?

Condominiumization is the process of:Legally dividing a multi-unit property into individual ownership unitsCreating a condo map and HOA structureSelling each unit separately while retaining shared ownership of land or common areasThis isn’t new — but under Washington’s updated laws, it’s becoming far more relevant and profitable.📈 Why This Strategy Works NowUnder House Bill 1110:You can build middle housing on a single lot (up to 6 units in many cases)But the resale value is limited if you can only sell the whole building to one buyerCondominiumizing changes the game:Sell each unit to individual buyersCreate affordable homeownership options for first-time buyersUnlock maximum value from one projectExample:A fourplex that might sell for $850K as a whole could instead sell for $325K x 4 = $1.3MMore profit.

If you choose to use this technique these are some of the Pitfalls to watch out for.

Hey Alexander—this is a common issue with DSCR loans on STRs.