We have created work instructions for every step of the process so we can maintain consistency in how we evaluate properties, communicate with tenants, market our properties, handle rent increases, manage property turnover, etc.....

In Texas, there’s no state income tax on rental income, but LLCs have formation and annual fees.This post does not create a CPA-Client relationship.

A good REI bookkeeper will help keep everything neat and tidy throughout the year so you can make educated decisions in your business, potentially creating more profit and less headaches.

You can't genuinely expect other cities to not try to create the infrastructure, job desirability, living conditions to impede such progress.

Renting your primary home to yourself is not permitted by the IRS, as it does not create a legitimate landlord-tenant relationship.

It's not a sound way of doing business, especially if you hire some random VA to call for you in an area they know nothing about.Agents should always be building their sphere and creating warm inbound marketing from social media, events, and meetups instead of doing spray and pray.

There is simply no substitute for creating relational capital. 3. 

Are you investing to create wealth/equity?

Quote from @Jeffrey Bourque: Hello All, I am new and this is my first attempt at purchasing a property with the intent to create monthly cash flow.The property: Triplex Listed at $140,000 - Total monthly rent income $2,150 - Tenants want to stay and are all willing to sign new leases for 3 years - 8 beds 5 baths and 3,500sqft livable space on a 4,800sqft lot - Heat and electric paid by tenants and water trash paid by owner $180 month - I have managed to talk the selling price down to $105,000 with a kick of $10,000 for closing and commissions so $115,000 all in - Building is in fairly good shape according to pictures and questions but have not done a inspection yet - some general maintenance repairs are needed according to the seller but nothing that seems to bother the tenants. - Taxes are on the higher side at $6,000 yearMy Numbers: $115,000 putting 20% of my money $23,000 and finance the rest with total expense of $1,834Monthly expense numbers: Future Maintenance 13% $273 - Vacancy 5% $105 - Property Insurance 5% $105 - Property Taxes 23% $500 - Property management 10% $215 - Office/Travel/Legal 4% $84 - Mortgage 26% $552 - Monthly Cash Flow - $316 per month or $3,792 per year so Cash on Cash = 17%I think this looks like it is a deal worth doing and I also believe I can bump the total rent up by $50 each tenant which I think make it even better.

Adding to Trevor's step 5 -  create a detailed SOW.