A more typical rule of thumb is to budget 10%–15% of gross rental income for maintenance and repairs over the long term, depending on the property’s age, class, and location.

Start by researching areas that fit your goals, understanding financing options like FHA loans, and using the 1% Rule to evaluate deals.

I set clear rules: no cooking, but guests could use a microwave, toaster, and coffee maker.

Hi Chad, @Denver McClure and I are working with a client on a 1035 scenario right now and it is an easy process.

I am going through the regulations and restrictions in that place (not a closed community but there are some rules).

I dont know how many units you are talking about, my biggest problem was tenants having easy access to me.I finally decided to use a software and got an internal property manager so moved away from it.Currently setting up the maintenance request portion of it, so will see how it goes.

I had a similar off-season challenge and decided to allow pets ( with restrictions and clear house rules) and I gave a 30% discount to try & attract  snowbirds ( I’m in FL) - my calendar filled up for a few  months with a few pet owner bookings and  2 separate 45 night bookings,  did all this on pricelabs & airbnb -best of luck ! 

Apply the 70% rule to determine your maximum allowable offer, then negotiate and get the property under contract, ensuring your agreement includes inspection and financing contingencies.Arrange professional inspections to uncover any unforeseen issues, using these findings to negotiate concessions or confirm your repair budget.

If she doesn't pay the rent in Jan, start by following your local rules for non-payment of rent (normally a 10 day notice). 

I'm also bringing another investor (Strong) who will take out a loan for the 250 Be careful of the various rules.