They notified seller and tried to collect the deposits from the seller.  

Even though they didn’t collect enough to cover the total $35k loss.) and a week later I walked the property to confirm I was happy. 

As a general rule, it's best to learn how to handle problems before they become problems. make a list of the potential problems you could face as a landlord: rent rates, marketing, collecting deposit, late rent, unpaid rent, abandoned rental, early lease termination, unauthorized pet, etc.

As a general rule, it's best to learn how to handle problems before they become problems. make a list of the potential problems you could face as a landlord: rent rates, marketing, collecting deposit, late rent, unpaid rent, abandoned rental, early lease termination, unauthorized pet, etc.

The biggest winners are the lawyers, collecting their standard 30-40% fees lol. 

I encourage others to share their experiences and strategies as well, as collaboration can lead to collective growth and success.

Their scope just includes the properties they are managing for you.So, whether you continue doing it yourself or hire a professional to do your books, you'll need a "master" accounting platform that collects all property-specific transactions as well as non-property-specific transactions (general business) into 1 place.

Many of them will jump into property management, thinking they can retain clients and earn some easy money by collecting rent checks.

I have met very successful investors that take deep dives on NPN commercial notes and immediately go in and have one of their companies appointed as Receiver of the property and collect rent and maintain the building.

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560, little to no good tradelines, lots of collections & chargeoffs, recent evictions.