I am making completely passive cash, while also seeing the value of my portfolio increase with no headaches or management responsibilities that usually come from SFR ownership.

When it comes to real estate, here's a general list of eligible assets and their depreciable lifespans that you should know: Residential Rental Property = 27.5 yearsThis includes any building or structure where 80% or more of its gross rental income is from residential units.That means:- Apartment buildings- Single-family rental homes- Duplexes, triplexes, and quadplexes- Mobile homes (used for residential rental)- Any kind of residential lodging facility where the primary purpose is long-term rentalCommercial Property = 39 yearsThis includes non-residential properties like:-Office buildings-Retail stores and shopping centers-Warehouses-Industrial complexes-Hotels and motels that do not qualify as residential rental propertyLand Improvements = 15 yearsThese include sidewalks, roads, fencing, some landscaping, and parking lots that are separate from the building.Personal Property = 5 or 7 yearsPersonal property used in a rental activity usually has a 5 or 7-year life.This includes most furniture, appliances, carpeting and various machinery.Qualified Improvement Property (QIP) = 15 yearsGenerally, this includes any improvements made to the interior of a non-residential building after the building was placed in service, excluding elevators, enlargements, and the internal structural framework.Computers and Related Peripheral Equipment = 5 yearsVehicles = 5 yearsNote that the land itself is not depreciable.

.: Foreclosures usually have a lot of "hair" that goes with them.

And a local resident is usually very helpful.

If one of those is true, my usual recommendation to my CFO clients is to start in those markets. 

Then I mail a very simple handwritten letter and usually get north of a 30% response rate.  

What are the usual lending parameters for a person getting there first property with roughly a 700-730 Credit Score and trying to secure a home 200k or under? 

When I began direct-to-owner marketing for multifamily (12-40 units), I realized it usually takes many months and touchpoints to build rapport with most sellers where they are willing to really open up about their property and financials. 

@Hitanshu ShahDon’t expect to recover losses—it’s usually not worth the time or cost.

I guess I learned about Key Check, I was not super impressed, but it worked for the basics - it did not deliver income info, which I usually want to see.