For instance, I run AirBNBs in Upstate NY.

If, for instance you had profit of $445K and followed your scenario you would pay tax on the $345K boot but would shelter the other $100K of profit in the 1031.

Basically you assume several exceedingly bad and increasingly unlikely scenarios and see what your finances would look like.For instance, look at what your numbers would be if 2,3 or 4 units went vacant and you had large capex expenses like a new roof.

For instance, the duplex next door to subject property is a 3/2 duplex no garage sold for 325k and a duplex 6/2 more than 1/2 a mile away sold for 300k.

For instance, you might have a condo that has a roof above each unit and each owner is responsible for their own roof.

Karen is right on the money, I totally missed the Listing Agent is repping both sides in this transaction,thus has even fiduciary responsibility to both parties from the moment dual agency was established.Appauled that agent(s) even here see nothing wrong with silently presenting offers to oneself - or in this instance an agent working for oneself - while simultaneously honoring fiduciary responsibility to the buyer too as buyers agent!

This states the home has been approved and available to be a rental.And some of these must be applied for every time a tenant moves.So check your state laws.There are Landlord Tenant Laws, Building Codes, and laws that are not laws at all but based on a Judge’s opinion of whether or not a tenant did wrong or not.For instance, normal wear and tear.Judges have various opinions on what they deem normal wear and tear.This is an Industry of thinking skills.This is an industry of holding your temper and implementing your lease agreement no matter what.You need to think like a Judge.You need to think reasonably.You need to be a good listener.You need to be in control.Once you buy a house you need to know how to keep that house and how to keep your tenants long term.You need to know how to be all things in order to keep your tenants happy, yet make them know the rules of landlording and how to be good tenants.I always say that one is only as good as the tools they have.You could be the greatest landlord in the world in mind and action, but if you don’t have the equipment, or the education, or the money to invest in the proper tools to make you successful, then you will never make it in this business.It takes my breath away to read the stuff on here by new investors.And I understand that how can they know what they do not know?

I also agree that good deals can be hard to find, but Kansas City remains one of the best markets for rental properties according to Forbes magazine.

My heart so far has helped me in instances where things went sideways.

I know our area has a fee they collect from every licensee and it adds to a restitution fund for instances like this where consumers can get their lost money back.