Spend your time on your contracts, insurance, and operations.Contracts-  copy, borrow from someone else as a starting point.  

It is much more efficient to spend some time up front to really understand the market.

Real estate, by default, is passive and the primary way to avoid the passive loss rules is to qualify as a real estate professional.Full-time employees and non-real estate business owners cannot qualify as a real estate professional (aka REPS status) because one of the tests is to spend more time in real estate than anything else (and it’s unlikely that you can convince the IRS or Tax Court that you spent more time in RE than your day job).

Did you include a TI budget for the new tenant?

If you’re on a tighter budget, corrugated steel is a good compromise, offering a solid roof at a more affordable price, but just be aware that it might require a bit more upkeep down the line.Best of luck with the roofing decision.

There will definitely need to be a reno budget to, at the least add bedrooms, and I am looking to stay under 400k.

Using your own funds to pay down your loan so you get a bigger loan sounds like a zero sum gain (aka IE using 1 dollar to pay down loan so you can net 1 more dollar from the new proposed loan) So how are you going to net more cash when spending 1 dollar to get another 1 dollar ?

*In addition to the $7,000 weekly salary that she drew from ORES, Van Gundymisappropriated more than $5.7 million in investor funds for her own personal use, spending thosefunds on a variety of purposes, including payments for her nanny, private school tuition for herchildren, veterinarian bills and boarding costs for horses, cash withdrawals, auto payments, retailstores, and debt extinguishment, among other personal expenses*

The modest purchase price, combined with an ideal renovation budget, presented a prime opportunity to improve the home’s market appeal.

If I had $10 for marketing, I would spend $9 on the lead list and $1 on some tool to do something with those leads.