In my area, if you own an investment propert/non owner occupied, you need to add it to a separate registry and file with the municipality in order to legally collect rent and have backing in case of eviction.

Hi Julia,Rehabbing fire-damaged properties can be a profitable venture, but it requires careful planning and additional considerations.

This would be my first property but I would like to find someone that might be interested in partnerships in additional properties in the future.

You want to know of any & all problems before spending any additional funds on the property!

I would say it's not worth rocking the boat for less than $200 additional per month, when you look at what you're overall ROI. if it's really that big of a deal to you, maybe consider canceling the pest services that you know are being utilized and would facilitate not having a roach problem, so that you can save that extra money every month and have that money back instead of raising the rent price to the tenant.I have seen this in many different places, Metropolitan, rural and otherwise, and it doesn't necessarily matter with the market rent is you're not always going to get that.

In addition to a promissory note he is wanting something to insure he has more security ( maybe a lien / deed ?

Additionally, you already paid for the work, so I would want them to complete the job ASAP.

Additionally, the property includes an outdoor swimming pool.The use of the accelerated depreciation strategy helps real estate investors to reduce the tax liability immediately which therefore increases their bottom line due to the offsetting of income.

Added a new cistern for water and added a shop bathroom in addition to completing the apartment.

In addition you will be paying deed prep and recording fees.