Ones of the biggest was that we had to completely replace all the old electric, luckily we were able to save in other areas of our budget to offset most of the costs but not all of them.

How much did you wind up spending in attorney fees, etc?

Narrow down your location based off of your comfortability, budget, local property owner regulations, and rent to price ratio, and you'll be building a portfolio in no time. 

And then, whatever the seller was planning to spend, I'd have them pay that amount to me as an cash allowance at closing.

Software: Stessa for accounting, Deal Check for quick and dirty analysis of potential purchasesMarket positioning: Pet-friendly (fenced-yard, accept dogs and cats), well-designed homes, off-street parking, suburban, full cable TV package (not streaming only)Pricing: Targeting upper-middle market (not budget-conscious guests)So far, so good (since 2020)

One challenge was managing extensive renovations on a modestly priced home, requiring disciplined budgeting and planning.

And unless you have very deep pockets, you can't afford to be that much off....So as has been said....hire a very experienced General Contractor and have them give you a budget number based on your SOW, (plus they will find other things that need to be done that you will not have seen).On your succeeding projects, you do a budget yourseld first, then hire the GC and compare numbers.Then, eventually you will be comfortable going all solo...but it takes time.

Our focus is on delivering 20 top-tier leads each week, so you can spend less time on lead generation and more time closing deals.If you’re interested in streamlining your lead flow and enhancing your success in the Texas market, I’d love to discuss how we can work together.Looking forward to your thoughts!

Screen tenants carefully, budget for vacancies, and keep learning with books like The House Hacking Strategy and Landlording on Autopilot.Good luck!

So as a result of my “asset protection” procedures, the end result was that instead of being sued personally and having to spend the time, money and emotional stress of both defending my self AND suing the insurance companies and condo association, the plaintiffs accepted an ASSIGNMENT of proceeds and signed a form releasing me and my LLC from liability in exchange for the right to go after the insurance companies themselves.