So if you have the property for a total of 10 years, moved in at year 8, little value or tax advantage.

This keeps them motivated.Clear Contracts: Make sure your contracts have deadlines and penalties for delays.Regular Check-Ins: Visit the site often to catch issues early and keep things on track.Scaling UpMultiple Contractors: Work with more than one contractor to avoid delays.

I want to take advantage of growth if possible, but also want to minimize taxes and fees (penalties).

North side: Avondale, west logan square, albany park, rogers parkSouth side: Bronzeville, brighton park, mckinley park, bridgeport, west half of pilsenI agree with “trend is your friend” and avoid areas that might but havnt popped off.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

If your current deposit already equals one month's rent, you can't request additional funds.Keep the lines of communication open with your tenants, explain the process clearly, and you'll avoid any misunderstandings.Good luck!

Texas is definitely a strong market, but keep in mind that high property taxes can eat into your cash flow.

Line Item Fee Collected Rents 10% of All Collected Rents New Tenant Search & Onboarding $500 Business Hour Service Calls $80/hour + Materials Cost + Tax After Hour Service Calls $110/hour + Materials Cost + Tax HVAC Cleaning & InspectionGutter CleaningSpring/Fall Exterior CleanupSeasonal Mowing & Weed TrimmingSeasonal Snow PlowingGeneral Contractor Vendor Cost + 10% Oversight Fee

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).