Expect the unexpected and give it a number.

One of the biggest challenges of investing in Rustbelt cities is knowing where to invest and properly understanding the cooresponding pros & cons.Here's copy & paste advice we share to help to address this challenge:-------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.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.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

- Looking in Class A areas expecting to cashflow?

I too live in Marin, and feel it is a solid long term market for apprecaition, and utilizing the power of principle reduction.When it comes to refinancing, figure out what the loan costs will be, then divide that buy the monthly savings with the new loan in order to determine how long you have to maintain that loan to break even. 

In the markets I watch, now nearly 60% of listings are EXPECTING to pay a commission, but asking the buyer to SET the buyer agent commission amount, and making that part of the offer discussion.

@Patricia Smith Even if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

The IRS changed how they treat single-member LLCs (solopreneurs like myself) and I expect there will be more changes like in Illinois coming. 

BTW, you can do an LTR on any property - house or condo - without applying for a permit.In the right location, you should expect to see at least a 2x return on an STR as opposed to an LTR.

What percentage is fair to pay sellers agent commission and would I be expected to pay buyer agent commission as well?

You have to adjust your expectations to match current reality, which includes higher mortgage rates, higher prices, more expensive taxes and insurance, more competition, etc.