Ensure your attorney is well-versed in lending regulations and set up a strong legal framework.

This will ensure that most of what COULD go wrong gets addressed on the front end so that you don't have to get bogged down with ongoing maintenance judgement calls.If none of these suggestions seem tenable in reducing the brain damage associated with owning property, then owning rental property directly might not be for you. 

Here are the variables you'll need:ARV (After Repair Value)Estimated Repairs (add a 10% contingency)Estimated RentPurchase PriceEstimated PITI (Principal, Interest, Taxes, and Insurance) on the refinance sideIf you know these values and ensure that your all-in cost (purchase price plus repairs) is 75% or less of the ARV, and that your rent will cover PITI + vacancy + maintenance + property management, then it's a deal worth pursuing.The BRRRR model is a fantastic way to build a portfolio and is still very feasible—even in 2024.If you're interested in more info, feel free to shoot me a DM—we can connect, and I'd be happy to assist you.

These inspections are often required by local municipalities to ensure that properties meet certain safety and habitability standards.

When it began, the inspector asked me to show the condenser to ensure it was on a pad.

We utilized our capital to cover the purchase cost, ensuring a smooth and expedited transaction.

Consider the potential for increased property value and rental income against the additional management responsibilities and possible tax implications.Remember to consult with local authorities and possibly a real estate attorney to ensure full compliance with all regulations in your specific area.Let me know if you need funding for the rehab.Regards,Jackson

(However, the software is geared towards smaller companies)(There are specialized softwares that larger companies use).Quickbooks can handle the accounting for a small business who does flips.In my opinion, you likely need to take a class on QuickBooks to properly and efficiently use the software.There are likely some schools nearby that will teach you quickbooks.The alternative is to out-source it to someone who is focused on the real estate accounting space.Best of luck.

If I ever plan to use a family member or friend who may not want to be fully involved in the process - what kind of documents would I need to provide that person that ensures their end is covered and could fully explain numbers, process, timeline, and security for them?

Challenges: It requires you to ensure a profitable exit strategy, as you’ll need to have funds ready at the completion to pay the lender in full.4.