The BRRRR project is a short term rental in Maine, and the sale falling through meant that the timing would not work out to get this new property up to catch the busy season.

I can't think of anyone I know who falls into the millionaire category who has not used debt at some point in time.

The fall/market market tends to favor investors a bit more, as the common homeowner isn't selling during that time unless they have to. 

Pit falls? 

@Russell CastilloI would just wait till it falls out or call the owner and say this guy is wholesaling it so just sell to me as my assumption will be it was never told to him the property was to be wholelsaled

If you're going the umbrella insurance route, perhaps see if it will cover you for several things including just the routine slip and fall (like mold or earthquake).

As for debt ceilings, I think the reason that it doesn't get discussed much is because it falls right around that 75-80% mark, which just so happens to fall right in line with where the banks cut us off.

I see the IRS regs about rental activities being defined as passive, but I don't see anything about a lower rate.I just see that this "passive activity" distinction subjects us to "passive activity loss rules", which limit our ability to offset other types of income with net passive losses.But even that limitation is negated for us because we fall into the "active participation" exception, so we can offset our regular earned taxable income dollar-for-dollar with losses from our rental (if I understand the regs correctly).

It took me 2 years to decide that my tenants are not my friends and I can't get to know them, just in case they fall behind on paying rent. 

I have been with CB Properties (affiliated with Memphis Turnkey Properties) since fall 2017.