You've probably heard of big Landlords losing property, but only because they were flagrantly violating Fair Housing, running a slum, or otherwise egregiously violating the law.

Always use a property manager to keep your real estate investments as passive as possible and keep you compliant with Fair Housing laws.This way you can learn to manage the property manager and learn from experience as you go.If you buy a bunch of properties all at once, they may not all fit your buying criteria, there may be deferred maintenance that needs to be dealt with all at the same time, and you will not have accumulated the management experience building your portfolio one at a time.To Your Success!

Form 3115 allows you to restore the fairness in this situation and "catch up" with the remaining $30k of depreciation that you failed to take in the years past.

I appreciate the reminder as well that if the gain is fairly low then it may make more sense to just pay the capital gains taxes now versus 1031 exchange. 

The loan is with you, not with your tenant, so none of that means anything to them - in fact because you live in one unit and it's under 4, if you were self-managing you don't even have to abide by fair housing laws (at least on the federal level). 

On paper other areas of the city have much higher cashflow but they come with their fair share of hassles.    

You've probably heard of big Landlords losing property, but only because they were flagrantly violating Fair Housing, running a slum, or otherwise violating the law in an egregious manner.

.• That the grantor/mortgagor was insolvent at the time of the execution of the deed.An estoppel affidavit (executed and acknowledged by the grantor/mortgagor, attesting to the fairness of the transaction, the consideration exchanged, the value of the property, and other factors showing an intention to make a genuine transfer) or a recital (inserted directly in the deed) are supporting documents used to forestall challenges to these transactions.State law and local title standards must be consulted in regard to the consideration and treatment of deeds in lieu of foreclosure.What a GREAT post!   

They gambled, and lost.

@Samuel Coronado - cash flow on new builds here right now is fairly non-existant without putting more than 20% down.