1) Make sure STR is allowed. 2) Get more and the correct forms of insurance to go with your umbrella policy. 3) Skip the LLC. 

I wasnt even there.My insurance company took all the info and will take it from there but it looks like he may be able to get medical expenses.They said that if it was a single family he probably wouldnt get anything but because its considered commercial then he might be able to get paid.

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

It's not a question of "if", it's "when".Keep good insurance policies on each property, keep hefty reserves for each property, open LOCs for extra reserves if you can, and keep a tight hold on the management of the properties whether you manage them yourself or have a PM do it.Stay hands-on even if you have a PM.

ElectricalElectrical and plumbing inspections are best left to the professionals, but there are a few simple checks that can ensure you’re not buying a total lemon.

Don’t forget to get title insurance to, and get the owner’s paperwork showing that all contractors, subcontractors, and materialmen have been paid.As for short term rental of a condo you buy, most condominium associations don’t allow that, and for good reason.

This can range from minor cosmetic upgrades like new paint and flooring to more extensive work such as replacing the roof or plumbing.

Not sure how much your taxes increased, but one way to cheaply and quickly drop your monthly payment is to increase your deductible on your insurance for the time being (please speak to your insurance agent about what this means for you).  

He has lending companies, title companies, insurance companies, and many others, and they all generate money for him every time a SubTo member buys a deal. 

I noticed that a lot of insurance companies are starting to drop multi-family are home in Texas What's some good commercial insurance for rental properties that will take on the state of Texas