It also positions you to work more effectively with lenders and partners who want to see a professional financial setup.How are others here organizing their finances?

This creates a negative initial position.

Eventually we upped the budget to get something we would absolutely love even if it was slightly cash flow negative.

@Nathan Frost  Ironically, I did the majority of my real estate investing in Texas while living in Metro Detroit, and you are doing somewhat the reverse.I didn't want to get too negative, but suffice to say the City of Detroit* is a very tough market. 

Hi Michael,Finding the right CPA is crucial for managing your investments effectively.

Think of it this way, for example...If your rent is $2000 but it is vacant for 2 months that means your effective growth income (EGI) for a year lease = $20,0000But if you lower it to $1900 & it sits vacant for only 1 month your EGI for a year lease = $20,900You can play with the rent numbers & how long you think it could remain vacant, but at the end of the day the most expensive route is vacancy.

These foundational elements enable you to navigate transactions successfully and make informed decisions.While there are many resources available, including courses and mentorships, the reality is that without a foundational knowledge base, you might struggle to apply what you've learned effectively in real-world scenarios.

Do you recommend using a general contractor, or would it be more cost-effective to handle it myself with subcontractors?

They will confirm to you that the number has been steadily increasing year after year (Covid or recession effects aside).

This separation allows you to manage risks more effectively, ensuring your personal credit isn’t impacted by the ups and downs of your real estate ventures.Building business credit is more straightforward than most people think.