You’ll also want to have them sign a rental agreement that lays out your rules, payment terms, and any liability.

Get your basic estate docs in place before building a complex entity structure.  

From podcasts to forums, you’ve all helped me learn, save, and build the confidence to take this step.That said, I’m reaching out to ask for advice.

The sale price will most likely be around $500,000 and the mortgage is currently about $200,000.I plan on using the profits (let’s just say $300,000) to build an ADU on property that my family owns in Central Oregon.

@Jacob HavlovickCongrats on purchasing your first duplex and starting your house-hacking journey—this is a huge step toward building wealth!

Quote from @Kaushik Sarkar: Hi,I am looking to invest first time with a turnkey developer,  who is buying the land and building a multi unit commercial retail center and some apartments.

If you'd ask this question while still employed I'd say apply the $8500 toward knocking down the debt quicker but since that is not the case I would build up your reserves to about 6 months then begin applying those funds to bring down the debt. 

You will also likely be paying more than more experienced investors as you build your team and knowledge.

Quote from @Makani Donaldson: From what I understand, different islands or cities have different rules, and they are getting stricter.

Own 10 rentals in Columbus Ohio and building another 21 new build single family houses in Florida that will be a clean BRRRR that will be free and clear.