Examples of pitfalls include purchasing in an undesirable area, not understanding the market values (vs. list prices), not knowing the rental values (current and market), inheriting bad tenants, buying a lemon, going rogue on renting and management with no contacts / systems / no legal understanding of PA and Municipal landlord-tenant laws, not having trusted resources and contractors in place, using out of state lenders or shaky financing, throwing lipstick on a pig when renovating a house and wondering why it's ARV isn't increasing, tenants are renting, etc.

Transparency always wins.3)Make sure to have mattress and pillow protectors, top-notch cleaners that take pictures of every sheet as they lay it before guests get there, and consistent pest control.

This implies residential units can be built at lower costs and provide better return. 11) adding an ADU to SFH can make the SFH fall under rent control.

The architect should also be the one making the submissions through the eclipse system.

Duplexes often have shared systems (plumbing, HVAC, etc.), so make sure these are in good condition.Maintenance Costs: Older properties may have charm but could come with higher maintenance expenses.

I agree with Ashish, great pointing out that although creating a property management type system could open up capabilities for Solo 401(k) and SEP IRA contributions, it can be easier said than done.

I decided that if I am to do this and put up with it I would get more involved with system to get a better understanding of their mind set.

My California tenant has initiated his monthly rent payment ($2100) to pull from his Chase account on March 14 through my Avail PM system, but I will not be receiving it until March 19. 

It would also give you more control and flexibility in how you manage your properties while ensuring you can take full advantage of tax deductions available to businesses.

I am learning a lot from BP on how to set up a property management system to begin learning the proper way to structure a rental property portfolio.