To alter a month to month rental agreement you need to give them a written notice, typically 30 days before it takes effect.

I think what you've been reading might be better translated as "It is very important to find a good property manager, if you plan to do out of state turn-key investing."

I'm, of course, talking in generalities because each specific case has its own set of unique circumstances, but we're seeing a lot of people who were traditionally flippers altering part of their focus to a buy-and-hold mentality - and they're seeing even greater ROI.

I'm definitely open to all other advice as well, but am concerned about buying a property where I think I can rent out the MIL, but then hit some law that prevents me from doing so, or causes expensive alteration to meet MIL regulations.Thanks!

Hello -Like many others here (apparently), I am brand new to BP and recently stumbled across it via the podcast.Long story short - I have a full time job but don't particularly like working 40 hours/week nor do I particularly like working under someone.To that end, I began to consider real estate investing as a means to alter my life.

or does $20K translates to $30K or $15K resell value?

they are messing with the electric, they shouldn't be touching anything like that without your consent, hopefully you have that in your lease. take pictures of what they did and send an email to Daddy with a copy of the lease part that says they can not make alterations to the house without your consent and pictures of what they changed and CC " your Lawyer"  - either for real or make your own lawyer email, but document everything. once he sees the lawyer is involved you may stop hearing from him.

Ideally I want to pursue something that will give me experience/knowledge that can be translated to my future real estate investing business.I've considered getting my real estate license and pursuing that career, although I live in NYC and real estate is highly competitve here from my understanding.

My job essentially translates into project management and general oversight with about 100 folks working for me inside an organization of about 800.

Unless your building was constructed without permits or altered without permits afterward, your building was built to code and approved by the city as meeting the building code.