Tips include finding multi-unit properties, living in a unit for a year, property management planning, budgeting for repairs, networking with local investors, and focusing on long-term goals.Good luck!

Hello BP community,I'm a landlord in California, and I'm dealing with a situation where my tenant is refusing to pay rent for the time during which mold repairs were being done due to water damage from a neighboring unit.

Smaller facilities have smaller operating budgets so any one bigger repair or required maintenance item can blow your annual budget.

However, navigating the legal and financial complexities of Subto deals requires careful attention, so I’d recommend working with a real estate attorney to ensure everything is structured correctly.Securing private money for the closing is a smart move, but ensure your terms allow for flexibility in case of unexpected repairs or delays in cash flow.

Regular inspections and preventative work can save you from costly repairs.

My recently departed tenant's deposit was not enough to cover all the repairs (repairs NOT due to normal wear and tear).

If the repair will eat up a few years of cash flow, I would just sell it and reinvest.

Properties within driving distance offer several advantages:Hands-on management: You can personally handle issues like maintenance, repairs, and tenant interactions, which is invaluable when you're learning the ins and outs of rental management.Cost efficiency: Without needing to rely on a property manager from the start, you’ll save on fees.Faster response time: Being local means you're close enough to address emergencies or inspect the property as needed.Starting with a nearby property often leads to a smoother learning experience.

Topic will be titled, “How to Estimate Repairs” and then a 10min video only stating the superficial “Don’t forget to estimate repairs on this, get your experts to estimate on this, you have to take costs into account”No actual guidance as to how to do any of it.  

I spent about $12k in repairs and upgrades to make it rentable.