These big-ticket items will still need replacement eventually, and having a reserve fund helps avoid financial surprises.

I recommend educating yourself as best you can to avoid some common mistakes.

With my last (2 years ago), I had to take an alternative exit strategy to avoid a loss.

Owning properties through LLCs in their respective states avoids the need to register a foreign LLC, which adds costs and administrative requirements.If you plan to acquire properties across multiple states, you could create a parent LLC in Florida and have individual property-specific LLCs (child LLCs) in each state.

That ends up leaving a void that's filled by unprofessional, and in some cases outright criminal operations there in the PM space.

You can refinance it into a conventional loan and that helps avoid the higher down payment.FHA also offers more wiggle room when it comes to DTI debt to income ratios and reserves requirements. 

There’s definitely a strategy to applying for business credit to avoid alerting other lenders that you’re shopping for credit.

Managing money might not seem as exciting as closing deals, but it’s one of the most crucial aspects of running a successful real estate business.

Fix-and-flip or builder’s risk insurance should be in place before work begins, and confirm your contractor obtains all necessary permits to avoid delays.

Permitting also secures compliance and avoids fines, which can be significant in LA.This post does not create a CPA-Client relationship.