This will help you avoid significant renovation costs and keep your cash flow positive from the start.5.

The $18,000 also included moving the main panel from an illegal position in a first floor bathroom into the basement.

This proactive approach has made a significant difference in maintaining positive cash flow and ensuring long-term success in my investments.Key Lesson #5: Build a Strong Network Finally, I wish I had focused on building a network of real estate professionals earlier in my journey.

I know how this works first hand I have been offered coaching positions by no less than 4 guru/mentor companies.

Hi Nadia, here's a few things to consider:Credit Score: Set a minimum, like 600-650.Income: Require 3x the rent in monthly income.Employment: Verify stable employment.Rental History: Check for positive rental references.Background Check: Make sure they don't have any criminal history.Security Deposit: Typically 1-2 months' rent.Pet Policy: Decide if you'll allow pets and set fees if needed.

I would recommend that you position yourself for growth and go with RentVine.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

I positioned mine near Case Western Reserve University and the hospital system, and that has been a major advantage.

In your case, with a history of passing audits and having a CPA who is experienced in IRS representation, you're in a strong position should an audit occur.Regarding audit statistics, the IRS generally audits fewer than 0.5% of individual returns, with even lower rates for those earning under $1 million annually.

I would say it's never too late, but I'll be honest that it is becoming harder and harder to find LTR's around the Melbourne area that are cash flow positive after insurance, taxes, today's interest rates, and current prices.