I also am looking forward to getting more involved in this community. 🤝 Fill in the blank: If I could make a great connection with someone who is an expert in taxes and large Storage at BPCON2024 then I would leave BPCON happy🗓️ What session are you most looking forward to?

It's best to involve a real estate attorney to ensure the contract is legally sound.

Hey @Austin Wolff - You bring up some good points about knowing the house better than anyone when you build new if you are actively involved and onsite regularly, but I'd get behind @Jay Hinrichs, in the sense that the numbers don't always allow you to build new.Here in Chicago, new developments are super pricey, and even the BEST DEVELOPERS HAVE SLIM MARGINS. 

Secondly I just finished "Real Estate by the Numbers" also by Dave Meyer - even though I have a business degree and am actively involved in investing it was a really great refresher on not just the numbers and theories involved in real estate decisions but also the pros and cons of different return metrics and how all the metrics relate to one another. 

Beyond the formal checklists: no evictions, 3-4x income to rent, prior landlord references, employment checks; I would also look at things like responsiveness to communication when we are setting showing, were they on time to showing, did they look me in the eye and shake my hand, did they show up to showing high?

Any and all eyes and insights are welcomed.

My local STRs require me to be VERY involved. 

@Hoai Nguyen suggest modifying your current lease to cover multi-family setup.Parking, shared access, police report required for landlord to get involved in disputes, etc.

Unless you have developed software or paid someone to do it people often do not understand the cost involved.

Additionally, there may be grant money or other funding programs available to you.Finally, if you get involved with a local real estate group you can likely find other investors that might want to participate in the deal with you.