Do you live in the place during Rehab/Repairs? I noticed some think that selling an Owner-Occupied has benefits, but I don’t want to be dragging my kids from house to house all year. How many of you do repairs while house is empty and have you had any trouble with vandals?
Pretty sure you don’t want to be doing that. Hard on you, the kids, everyone involved. I would rent somewhere, maybe a L/O, something besides the rehab property. Plus someone may look at this as being unprofessional as well. Having your family at work might not be the best choice.
I already have a home, but some friends we know actually moved about six times as they rehab’d each house. (!) My wife and I figure we’ll her single brother live there rent-free to house-sit, plus he’s also a repairman so maybe hit two birds with one stone.
if your are doing a big rehab, having someone living there will only slow you down (i.e. cost you money). You need to be able to rip out toilets and shut off plumbing/electrical at will. Also, their"stuff" will be in the way. I just did a rehab where the tenants abandon a ton of junk but I could not dump it for several weeks due to Calif laws. Moving their crap otu of my way so I could gut the kitchen and bath and do painting cost me an additional 30% in time of the rehab.
plus dragging your kids around is not a great idea; sure you can make more money, but do you want them to run you over with the family car in a few years becuase they got issue. put your family first; a stable home environment is key!!!
Living in a property while doing small work may not be a problem. When there are others involved they must be taken into consideration. Doing tile on a bathroom or kitchen floor, landscaping and other such things can improve the value of a property while you live there. Major rehab can be a problem.
When I do a rehab in a less desirable area and put on a new entry door I chain the door through the deadbolt hole to a bolt through the ajacent jamb/wall. I would rather they break a window to get in rather than try to kick in the door. You can board the windows by hanging waferboard on bolts to avoid rock throwing or secure with long bolts and 2x4s to prevent entry. Do not put in appliances or AC condensers until the last. You may also want to look at Sitelock by Dewalt if you are doing enough of them.