We did this so that if there is an accident or something happens at our rental, our liability is limited.By running your properties in an LLC and as a company, you will treat the money more as a business and less like a personal piggy bank.My wife and I used to run a small farm business (VERY small business) and figured it wasn't important to have a separate corporate structure.

Over the last 25 years, I have not had more than a handful of unexpected roof replacements.

How much would you keep in reserve for things vacancies, unexpected repairs and expenses?

The MLS method is talking about works great, Direct Mailers have brought me some great success, you can also go to the court house steps auctions and hand out your business cards to the guys there and let them know what you are looking for and if their investor buys one of the fixer uppers by accident because they are typically site unseen that you are more than happy to take it off there hands, this works well and is another way to out source.

Unless you are using some one who just has inflated prices, high probability they will talk to you about an adjustment.This happens on almost every auto accident claim for repair.I am no longer in the insurance biz, so this is not legal advice.

The buy-and-flip appeals to me because I've successfully doneit in the past and feel most comfortable with it.I found Bigger Pockets by accident actually.

Have your exit strategy in place before you make an offer on a property so you don't get stuck with unexpected holding costs.

I was worried he wasn't thinking about unexpected setbacks, dealing with contractors, and also, how to balance money vs. time.

you really think you've learned a thing or two, and then some tenant teaches you something totally unexpected (and always costly)......

Does HUD always require a contingency reserve to cover unexpected cost increases?