I have spent quite some time learning, researching and preparing for my first Short Term Rental.

It sounds cheesy, but the best way to prepare is to work with a friend or two and role-play.

Getting Engaged - do a joint venture on ONE SINGLE deal and see how much you like each other3.

Have a legal advisor or counsel review your documents before signing.These will make your ultimate exit strategy, post Hard Money financing period, much easier when: - preparing & submitting paperwork for individual tax returns - maintaining the note in good stating with consistent payments & digital payment history paper trail - digital and/or easy access to documentation - preparing for a Re-Fi, Conventional financing, payoff, or even Flip/Sale & deed/title reconveyance to remove the Hard Money Lein holider at the end of the note's term

I'm stoked for you to embark on this house hacking venture.

Preparing for a motorcycle ride is similar to learning to ride a bike.

Do you have a bookkeeper or someone helping you prepare taxes or are you managing the finances all on your own? 

If you’re prepared financially and find a good opportunity now, it might be wise to proceed rather than waiting for uncertain future changes.Ultimately, it’s about balancing predictions with your personal and financial goals.

Hi,I have been doing private lending for a very long time, most of time first lien, some time 2nd lien also.recently came across a situation where first lien is already there on property and there is clause than 2nd lien can not be done on property.Investor(borrower) giving me option that we can prepare a new document for "Equity pledge" this mean conditional equity in property if there is default.I never heard this thing before.any one any input on this.Thanks in advance.

Be prepared for the leasing phase to take longer than expected.