Otherwise, you are gradually depleting your security deposit and you have nothing left when they move out.Capable PM software is complex, some of them you literally have to take classes.

Detroit has more to offer though:)Overall, your approach should be strategic and you should be targeting a specific Property Class (A, B, C, D).If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.So, when investing in areas they don’t really know, investors should research the different property Class submarkets.

With no equity and negative cash flow from the get-go, I'd say if you want a hole to throw money into, get yourself a nice boat. 

As I explained, I’m using classes to track spending categories (landscaping, flooring, etc).

We could all be in the same boat?

But I'm attracted to the asset class, and the possibilities for scaling and financial independence.My time at my current job (almost 15 years of tenure) is winding to a close, and years ago I swore to myself that this would be the last time I would have "a boss".

We were in the same boat as far as job time!

Thankfully, and it's no coïncidence, the places where I end up investing are great for lifestyle.My pricing criteria eliminates Canada, Northern Europe and Oceania.My tourism criteria eliminates Africa.I eliminate Asia, including and up to the Middle East because, in most countries, foreign owners are treated second-class and that has serious implications from a risk point of view.

I cannot transfer to a self directed 401k as I am a special class that does not pay a penalty on my withdrawal even though I am only 51. 

Hi BiggerPockets Community,I work on a boat for 28 days at a time and then have 14 days off.