In terms of mitigating your risk - particularly if you buy a condo - consider a newer building, steel or masonry construction, a unit on Floor 3 or above where Flood insurance wouldn't be necessary, larger buildings where costs are spread amongst more owners, and buildings with a financially healthy HOA (track record of good management, reserves in the budget to cover large capital expenditures, etc).

I'd love to explore how I can be a valuable asset to your business strategy.

It might offer some valuable tools to streamline your investor processes alongside your PM.

https://www.billfaeth.com/Lauren, thank you so much for your kind words and the valuable suggestions for our listing.

Seems to be more valuable than making $2400/year cash flow and that's without large capital expenditures.

Then see how much time you spend every month hassling them for payment say 2 or 4 hours every month.If you logged all of that time 15mins or 1/2 hour every time you call etc. that adds up.You might think oh it doesn't cost me anything just my time, then your time isn't valuable and you have undervalued yourself.Don't let people do that to you!

The renovations included new flooring, fresh paint, a new HVAC system, updated bathrooms, and the addition of stainless steel appliances and granite countertops.

TIA I look at these things the most when looking for BRRRR cities - Rent-to-Price Ratio: Look for cities where the average rent is high compared to the average mortgage cost- Population and Job Growth: Focus on cities experiencing steady population and job growth, higher than national average- Availability of Distressed Properties: Look for cities with a supply of pre-foreclosures, short sales, and abandoned propertiesNormally bigger cities in those states should do well, houses are still somewhat affordable (comparatively) and if you do a big rehab it'll pay offThank you, @Mary Ainsworth for very valuable tips!

Thanks Collin and Stuart for valuable insight.

You have a great reason for getting started and multi-unit residential properties can be a fantastic way to build wealth and recurring income.For starters, the BiggerPockets Podcast is a valuable resource for learning.