I know on resident leases you can add a new addendum on the lease at renewal time but our management agreements don't expire they continue forever essentially unless either party gives a notice to terminate.

Second, **flexible terms** and clear communication about rates, fees, and loan-to-value (LTV) ratios are essential to avoid surprises.

You can also ask the tenant to sign an estoppel, which essentially has them verify the rent they are paying.As for expenses, the main areas where they can go awry include property taxes, which you can determine on your own; the mortgage, which you can also calculate; insurance, for which you’ll have a quote beforehand; and utilities, for which you can obtain the bills from the landlord.

They essentially protest your property tax and then you just pay 25% of savings.

I agree with your buying advice and those principles are still true today. 

I would imagine operating in NYC right now is essentially playing with fire.

Getting to know the towns, neighborhoods, streets and actual properties is essential and far more important than just one town name versus another.At this point, you don't know anything about your future tenant, so I wouldn't assume they are trying to get to the city.

Assets identified in this study include:Building systems: water heater, electrical distribution, HVAC, plumbinPermanent Fixtures: windows, doors, bathroom fixturesStructural Components: Roof construction, drywall, wood framingInterior Construction: Wood flooring, stairs, ceramic tileThis engineering-based cost segregation study included the following methodology:Physical Inspection through a site visitDocumentation review including architectural plans, accounting records and construction documentsA cost analysis which utilizes engineering principles in order to allocate costs to their applicable asset classificationsCalculation of the depreciation schedule using MACRSAs a reminder, bonus depreciation started to phase out in 2023.

Use the profit ONLY to pay off debt, and keep investing the principle. 

Last cleaning cycle, I had two of my properties with disconnected/damaged vent ducts that essentially vented the dryer into the basement (in one case) or the attic (in the other case).