Hey BP community,I recently purchased a SFR property in the Piedmont Triad area of North Carolina where I plan to replace the first-floor chimney with a bathroom (toilet, sink, vanity, stand-up shower).

This test ensured that 75% of the total monthly rent for the building would cover the mortgage, taxes, and insurance on the property.For example, consider a three-family property generating $2,000 per floor, totaling $6,000 in rent.

Not a major rehab - flooring, paint, and some misc. work  - not a full blown renovation.PS: I wish BP could really have a search function because the current one sucks. 

Get a floor plan drawn out BEFORE you start the work!

I basically group the business into 2 segments, administrative tasks (pricing, marketing, guest communications) and field tasks (cleaning/maintenance).Part of being a successful operator of anything, you have to know your strengths and weaknesses. 

Hello,I am looking at a mixed use property on Long Island (first floor retail plus 4 residential above) and would like to know when the most appropriate time is to ask for things like audited financial statements, tenant ledgers and/or anything I else I should be asking for? 

The classic one was Tenant leaving huge amounts of grease in kitchen, inspector requires landlord to clean it up.2) Tenant vacates the unit without notice early in the month.

To qualify, property owners must meet specific criteria:Guest stay duration: Rentals must average no more than seven days per guest.Service level: Owners must provide services comparable to a hotel, such as daily cleaning, meals, or transportation.

You can read for yourself here: https://www.clevelandheights.gov/205/Point-of-Sale-Inspectio....If I understand correctly, they must disclose it before they can accept your offer and they should make the required repairs before they can sell the home so that you have a clean Certificate of Compliance.

Is it true that if I get a title search (and it comes back clean) that I can be pretty confident there are no additional liens or monies owed that I'll now be responsible for paying off?