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Managing expectations is key. 

Some insurance companies offer policies specifically designed for owner-occupied multifamily properties, so it’s worth asking about that option.The key is ensuring both your personal residence and the rental unit are adequately covered.

Here are some key tips and insights for getting started:1.

Need to be sure you include the "unknown budget" and never take the optimistic approach as it is better to have money left at the end than writing more and more checks that were unplanned for.Again, if you can walk through an actual property and compare notes with someone that does it in your area (key factor), you will be way ahead of what a generic book can give you.

That experience taught me the importance of leaning on local expertise, even if it feels like an unnecessary expense at first.One strategy I’ve seen work occasionally is offering the tenant a “cash for keys” deal, where you pay them a small amount to vacate voluntarily.

Negotiation is a key skill in real estate.

They were turn key and ready for tenants.

The key is to pick the right out of state market.

Properly collecting these fees is a key part of financial success in real estate investment.And hey, why stop there?