I've recently been looking into acquiring properties to rent out.

Hey Jamie, I am actually a property manager located in Jacksonville, FL and work with several investors in the area.

These were financial mistakes we made when we were younger, and unfortunately, they snowballed over time.We currently rent but own a rental property out of state that cash flows $600/month and has about $190,000 in equity.

It is one reason most LLs will not accept CCs for rent payments.

@Simon Packman Not sure where you’re located but I have Vermont Mutual in Northern New England for most of my properties and the most I’m paying for any of them is around $4400.

For the LTR outside CA, forming an LLC in the state where the property is located can reduce administrative costs and avoid double franchise taxes in California.

We got out of condo conversions couldn't really sell any of them and transitioned to ground up development of single family homes and three story walkup triplexes on a build to rent model which is much easier for us to manage and our exit isn't a sale it's just a refinance. 

Co-living is how I went from renting a room, Delivering Dominos, no savings, and not being able to qualify for a loan to financial freedom & a $2M net worth in 15 months.  

I just bought a lovely 8 unit last April that had been horribly neglected but have turned it around and done some cosmetic renovations and increased rents.

Section 8 can be a solid strategy, especially in cities like Detroit where the rent-to-price ratios often make it worth considering.