To ensure I navigate these legal aspects correctly and make informed decisions, I’m looking for recommendations for a knowledgeable real estate lawyer or legal entity in the area.

What other aspects should I keep in mind and look out for in a property of this age and condition?

Great place to learn about lots of different aspects of REI.

This year I have also hired a bookkeeper at $50/hour to take care of the rental aspect of the financials.

For sellers, this means that setting the right price from the start and presenting your home beautifully are more crucial than ever.Time is also a factor to consider, with the median time to contract rising to 35 days—a 59.09% increase from last year.

You jump into some aspect of real estate investment and in your first year, you make $50k. 

Don’t rush the decision; your broker is an important partner in this journey.Property Management:Since you’re investing out of state, finding a trustworthy property management company is crucial.

Securing a sponsor can be challenging, especially when they have concerns about your capabilities to manage the property and keep it profitable.So, let me share a suggestion that might make a potential sponsor more comfortable:Offer to have them oversee the asset and property management aspects, including the control over cash flow.

Leveraging technology and building a reliable team on the ground (property managers, contractors, etc.) are crucial when you’re managing properties from afar.Feel free to reach out if you want to talk more about specific US markets or strategies!

It would be advisable for the potential purchaser to thoroughly investigate every aspect of the property prior to purchase, including, but not limited to, the location of the property, type of buildings, if any, on the property, determining what, if any, liens or encumbrances exist on the property, and any other facts which may be pertinent to the contemplated purchase.