If you can rent it for $2,000/month, after fees, taxes, and potential maintenance costs, you’d still make a decent passive income.

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!

To avoid similar rip offs in the future, the investor needs to bear responsibility for vetting any investment offering they're contemplating, or if not just leave your money in government guaranteed investments (like FDIC insured bank accounts).  

We were initially looking out of state for a potential move and or investment property just because the property taxes without being able to homestead, plus high cost of insurance, and harsh weather on homes made me feel like it might not be worth it.

It might be worth a follow-up closer to the move-out date to confirm their plans, but avoid excessive contact to prevent escalation.

A line of credit won’t commit you to a monthly payment unless you use the money, so you can avoid paying interest when it’s not in use.

Weigh the long-term benefits of the low mortgage rate you have versus selling and getting $500k from a sale exempt from capital gains tax.

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!

The property was rented and generated $160 cash flow after mortgage, taxes, insurance and property management fees were paid.

A 1031 exchange would use all of the tax in the purchase of your next property.