The downside is also clear - more risk, less structure, and less formal training.I’m considering proposing a blended performance bonus instead of just the flat $10K.

With Food Stamps you could not buy junk food and beer.Before that, poor people could visit a state run facility where they could pick up cheese,  milk, eggs, flour, bread, meat, peanut butter, potatoes, fruit, produce etc that the government bought as excess products.

That question led me to specialize in what I call Asset Conversion — the process of transforming underutilized properties into higher-yield models like:Senior shared housingVeteran co-living homesMid-term rentals for professionalsAnd even hybrid models that blend all threeWhy This WorksThe demand for affordable, community-based living is skyrocketing — especially among seniors and veterans.

Their sites blend very well with your PMS systems. 

Hope it's fruitful for you!

Totaling 125K altogether, which is above 75% of the ARV.Or, as they say, the rehab is blended with the purchase, both cannot exceed the maximum LTV of 75%?

Plus, the blended rate between the HELOC and the primary is still relatively low historically.To Your Success!

A lot of investors I know take a blended approach: keep some properties free and clear for steady cash flow and peace of mind, while leveraging others through a refi or 1031 to keep scaling.

Hey Justin, What is your blended rate with your 1st and second position loan?  

A blended approach to consider:Buy something smaller or more affordable as a house hack (e.g., a duplex or home with a rentable portion), or split your funds - keeping a portion in reserves while putting some into a lower-cost, cash-flow market.That way, you’re still living flexibly while getting your foot in the door with real estate income.You’ve got a good head on your shoulders thinking this through carefully before just buying for the sake of it.If you ever decide to explore the Memphis market - where out-of-state investors often start because of the low entry prices and solid rents - I’d be glad to show you some examples and connect you with reliable property management through FoundationPM.com, the team I work with here.We specialize in helping investors exactly like you make that first out-of-state purchase confidently.Would you like me to share what typical numbers look like here for a $100K–$150K rental?