If AI is so unreliable that all answers must be verified, isn't it a waste of time to use it if the answer must be correct and the required verification is the actual work you are trying to avoid?

It’s crucial to ensure that your cash reserves can cover not only the mortgage but also unexpected expenses during the remodel.The 30% housing rule is a helpful guideline to avoid overextending yourself, and ideally, you should be comfortable with your monthly housing costs even without rental income.

Focus on markets with strong rental demand and appreciation potential, and be sure to run the numbers carefully to avoid overleveraging.Good luck!

Since you mention you have a partner, setting up an operating agreement is key to defining roles, responsibilities, and profit splits to avoid conflicts down the road.A few key tips to protect yourself:✅ Use separate bank accounts and keep finances clean✅ Get the right insurance (general liability + builder’s risk)✅ Have a solid contract with contractors to avoid surprises✅ Always verify permits and city regulations to stay compliantI still strongly advise you to work with local professionals, I’m happy to point you in the right direction!

I find that it's easier to find data on STR and LTR so I struggle to estimate the income  We’d love to learn from the community and hear what’s working (or what to avoid)!

As a first timer, I'd avoid anything built before the 1960s that could have cement sewer lines, knob and tube wiring, etc.

How to avoid large loses in passive investments?

I am at my wits end with what to do on this to avoid losing everything on the deal.

Just have a few questions before we get to deep into the process:What are some common mistakes that can easily be avoided?

Avoid C-Corps, as they incur double taxation.Use LLCs for rentals and consider an S-Corp election for flips if income justifies the additional complexity.This post does not create a CPA-Client relationship.