By leveraging our financial resources alongside Ron's contributions, we were able to secure the property quickly and allocate funds efficiently for the $25,000 renovation.

For non-primary residences, they have to follow all of the following rules to receive a permit: - the property must be a minimum of one (1) acre in size (designed as a precaution to disturbances)- The building standards of the underlying zone district must be met - Adequate parking is provided - Defensible Space requirements are met - Valid water and sanitation must be demonstrated - No more than five (5) bedrooms are in the dwelling As time goes on, they continue to become more strict on the rules listed above here, and are actively regulating it.

But, if you pay utilities, it might make sense to add a bit for the extra water / electricity.Personally, I would use this as an opportunity to tear up that 3 year lease. 

Not to mention, solar panels can also be a cause of roof leaks and require regular cleaning to maintain some level of efficiency which is not great to start with while also getting worse over time.

Can't include furnace, hot water tank, central ac and some other built-in appliances - check your local ordinances.

Make sure you have a process in place for responding to comms efficiently and resolving issues among members and issues with the house as quickly as possible.It's worth the income and the feel-good feels knowing you're helping out your community. 

We've found it has superior reporting features, integration features, and is overall more efficient to work within than other REI-specific software.The downside is QBO is not set up for REI so you'll need to do that or work with an expert to ensure it is set up for your business appropriately.

When there's tenants already occupying the property, there's often times different leases that were signed among the tenants.Additionally, renting by room usually sees higher tenant turnover which in turn causes more work for the PM.Other challenges to consider:- Disputes/conflicts among tenants (different personalities if a tenant doesn't know the others prior)- Occupancy limits- Splitting utilities (what if someone uses more water?)

Get the easy stuff first - rent roll and lease end dates, any bills the landlord pays - common area maintenance, maybe water, sewer, taxes, and insurance.

Purchase price: $242,500 Cash invested: $49,000 This is an older house, built well on concrete block, that is next door to multi-million dollar houses on the water.