Keep the bank as the mortgagee on insurance.Since you are rehabbing, you should be done in 3 to 6 months anyway.

In fact, even with my extensive experience, I choose to have all my properties professionally managed.Here's why:Tenant Selection Is CriticalThe most valuable service a property manager provides is selecting reliable tenants.

There is so much free content out there that can teach you about guest services, software, vendor management, and so on. 

My property generate 4100 per month and it is a 2 family.

Quote from @Paul Lucenti: Would you rather have monthly cash flow or would you prefer a quick pay day after 3-6 months?

This would allow me to stockpile rental income until I’m ready for the next investment, giving me more flexibility in the long run.Thanks again for your insight Yeah, I think a 15 year or 30 year loan is a better option because the interest you pay every month is lower and also you can pay it off in a short period of time if you want to.

Just like how Johnson & Johnson or Coca-Cola send you quarterly dividend checks, your tenants are sending you monthly "dividends" in the form of rent.

It took new construction costs from $800-2500 down to $325 / SF and instead of 2 years it can be done in 8-12 months (design, permits, fabrication, shipping, and erection) depending on how much homeowners customized the standard plans. 

We generally do one per month and each club member that wants to get involved can do so for as little as $5K.

Being less selective means that some of those ten will lose money, some will sit for months on the market, some will return 40%+.