Renovations are costing more and more these days, so you'll have to decrease your offer price to accommodate the needed renovations.

Mentioning that their lien is effectively worthless without your cooperation often speeds things up.3.

Looking for recommendations on cost seg firms and any tips from those who have been through the process.

Hello fellow investors, how much do you typically spend to fully furnish a 3-bedroom, 2-bath STR home, and what effective strategies have you used to keep furnishing costs down?

You can use solar to power them for a super simple install. 

I would say the pricing reset that occurred a few years ago has to be taken into consideration along with increasingly demanding building code requirements that continue to go into effect across most of the country. 

Took us 3 weeks to get power which had downstream effects. 

Understanding things like depreciation, cost segregation, and other tax strategies early on can help you keep more of your returns, reduce your taxable income, avoid surprises down the road, and grow faster!

CategoryAmountPurchase Price$550,000Rehab Budget$185,000Closing Costs$17,000Total Project Cost$752,000Effective Gross Income$168,120Operating Expenses($60,000)NOI$108,120Debt Service($48,852)Annual Cash Flow$59,268Monthly Cash Flow$4,939Cap Rate (on cost)14.4%DSCR2.21Cash-on-Cash Return31.8% Hey @Chad Emerson, welcome to the BP Forum!

Financially, I probably wouldn't pay off the car nor the solar because I think your expected returns in the stock market would be higher.