Therefore, even if allowed in your state, update your lease to specify that this payment is considered "pre-paid rent," not a security deposit (which has cap/restrictive laws separate from those mentioned).

Katie, great post and props for taking on a pre-1900 farmhouse.

I expect it will take about a year's profit (pre-boom buy:) but will be well worth it as you can't find views like this.

Congrats on taking that first big step toward buying your first rental—that pre-approval letter is a huge milestone.

When investors loop a broker in early, they can usually get:• A no-cost opinion on whether the deal is actually lendable• DSCR and Non QM pre-analysis using real underwriting criteria• Feedback on whether the numbers support all cash, leveraged, or walk away• Updated rate scenarios and leverage options based on real-time pricing• Risk red flags that free tools do not highlight• Confirmation of what lenders will and will not count as qualifying income or rent• Guidance on capital structure for BRRRR, flips, or long-term holdsIt is similar to working with a financial advisor because the tools matter, but having someone who knows how to interpret the data matters more.

I have a construction background and work in pre construction/ Procurement currently.

.- I've already started the pre-approval process with a credit union based in North Carolina, but I'd love some help understanding how to structure the gift of equity correctly for investment properties, what documentation may be required, and if there are any specific limitations or tax implications I should consider.- My goal is to close on both homes by the end of the year or early next year.If anyone has experience with gift of equity transactions for invest properties -- especially in North Carolina or involving out-of-state buyers -- or can recommend a loan officer, lender, or real estate attorney familiar with this setup, I'd really appreciate your insight.Thanks in advance!

Two levers keep flips rolling without gaps: revolving lines and pre-set exits.

A property qualifies as Homestead for this exemption if an eligible owner files a Principal Residence Exemption (PRE): https://www.michigan.gov/taxes/0,4676,7-238-43535_43539-210891--,00.html#:~:text=Section%20211.7cc%20and%20211.7,purposes%20up%20to%2018%20mills.Many investors have gotten an ugly surprise when they bought a property that was a primary residence of the seller for the last 20 years.

She also will do a pre inspection prior to give you an indication if there are improvements you need to make.