@Maria UrichPlease watch one of our webinars here, there is a Pro discount code at the end of the presentation https://www.biggerpockets.com/webinars

Guests get to see I am an actual host (not some big corporation), cover all things to deal with fewer messages during their stay, and also get a YouTube algorithm bump for my brand as most guests watch the video all the way through.

But it really gets serious with how you handle showings, your application, how you conduct tenant screening, credit / background checks and your communication style throughout all of this.

Serious injury or death has occurred from each of these items, and they could have been prevented by keeping watch and staying on top of things.

Fellow BP member and podcaster @Jonathan Makovsky just completed a deal with us and we shot this video about the experience. https://www.youtube.com/watch?

I was watching the market for quite some time.

In 10 minutes of looking at your application they can tell either "This will work", or "You need to fix these things before it will work."

You can still depreciate the property, perform a cost segregation study if applicable, and deduct ordinary and necessary expenses related to being a landlord.

I am preferential to medium/long term rentals so my exit strategy would not be applicable for many years.I make a comfortable living and have a surplus of money saved up but don't want to liquidate my entire savings accounts so I can get just one singular 200K property that may cash flow for a couple hundred bucks over the next few years.Am I missing something or being overly cautious?

For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.