You can also ensure you have market rates. there is such a strong demand for housing in Detroit, units are renting at top dollar in less than 5 weeks.

The owner REALLY wanted to sell because they were retiring, so I drove an aggressive bargain.2.5 years later a $15 million dollar redevelopment project straight across the street is starting to lease apartments and some 1st floor commercial spaces.

But you can always attempt to do 1031 and if you run out of time you just pay the taxes.I would suggest you do the math, it's not about getting the last dollar right, its about understanding the principle.

That’s my opinion and I am not shy to say it - but wow the hate I get for things like that because it’s not what they paid thousands of dollars to learn I am just a hater….

I consider myself a complete rookie when it comes to this, I own property but I haven’t made the first dollar from renting.

You also have the possibility of getting hit with special assessments over the years... these assessments can often be in the thousands of dollars.

It took a year and a half and a lot of work, as well as significantly more dollars than I was insured for.We had a slip and fall medical claim a few years ago that resulted in a settlement of over $200,000.

It is a great market, yes it is expensive but I feel tourists are paying big city dollars to be here in the summer, ADR on return is very attractive. 

Depending on the class of the property you are looking a few thousands of dollars every time.

We know there are multiple venues to get the leads, some very costly others not, some demanding tremendous effort (like going door by door, driving for dollars , or making thousands of cold calls etc.) , others not so much (mass mailings, for instance).