Any property you get into, though, you should plan to have a good capital reserve account to address the problems that will inevitably come up.If you're looking for properties that have stronger cashflow, I would look toward the South East of the USA. 

Quote from @Account Closed: Hey guys,I have no experience but after looking at all my options I have come to a conclusion that my best move is to buy land and develop multi-family apartment building (15-20 unit) 2 story somewhere between Miami Jupiter.Budget for everything 3MDone with cash + 6% line of creditLooking for long term holdI would love to hear any insight on what areas I should look at, ballpark of build price (hard costs and soft costs) and would love to network with anyone in the area on this.ThanksIf you're looking to develop a 15-20 unit multifamily building with a $3M budget between Miami and Jupiter, there are a few key things to consider:Land Budget: Aim to keep land costs around 10% of your total budget.

I have a priority credit line on my brokerage account that is now > 1% lower interest rate than my mortgage.

For residential mortgage, an LLC needs two years of its own tax returns or occasionally, a local credit union where you have an account will ok it.The bigger question is about your partnership.

My friend has received K1 documents from his accountants for several years and been paid small amounts.

Maybe a HELOC because it's in your account.

We use accounting software that codes the income and expenses to the property (called a class) so we can run P&L;s on each property with ease.Your accountant and bookkeeper will also thank you later for keeping it simple and avoid significant accounting costs. 

Once you have a shortlist, sign up for an account with each one and test them extensively to see how they function.

I was told by my tax person that I can only deduct a percentage and not the total cost of the remodel.Thank youI am not sure why your accountant would mention you can only deduct a percentage.

Just make sure your PM has excellent accounting practices in place as trust accounting can get out of control fast.