would get estimates and see how long to recover the money and your long term plan for the property

This would apply to your unit.Your biggest concern with setting the rent should be the near future. 1) Your insurance is guaranteed to go up, probably dramatically.  2) You may get an insurance assessment bill to cover the CA Fair Plan losses.

The game plan would be to keep this structure for 1-2 years with future full sale.

It sounds like you’ve got a solid plan and a great passion for real estate investing.

@Anita Z.I recommend finding an accountant who specializes in real estate taxation, tax planning and financial planning.

Licenses are typically required if you plan to work in a professional real estate role, like as an agent or broker.

****little about the deal that I’m putting together I have a piece of land that that is permit ready plans approved ready to build on held it my property with no lien.

The transition of planning to executing has been a mess though.

You may not feel the need when you own just 1-2 properties, but it may be more relevant if you plan to expand. 

I live in Lebanon, IL and this property is also in Saint Clair County in Belleville.I plan on managing this at first, but want to build a proper amount into my budget.What would you recommend for budgeting for in terms of good property management in this area?