Proper documentation ensures you’re prepared to substantiate your claims.Federal REP or STR material participation allows you to deduct rental losses against active income, significantly reducing your tax liability.

It can strengthen your relationship with your property manager and demonstrate that you value their contributions to your business.It helps ensure compliance with lease agreements.Many lease agreements require landlords to name their property managers as additional insured parties on their insurance policies.

There are hundreds of hard money lenders out there, ultimately I'd work with someone who has time to focus on ensuring you get a tailored mortgage instead of a cookie cutter solution.

My goal is to build a comprehensive resource that not only answers key questions but also provides clarity on the entire process.The draft is based on my personal experiences working with clients, but I want to ensure it reflects the broader community's insights.

Quote from @Alan Mills: Got an inspection objection back with something I’ve not seen on my other rehab’s (this is a Colorado property):“The seller agrees to have a licensed plumber install external sewer cleanouts per city code and scope the sewer line ensuring its integrity.”This was a full interior/gut rehab and almost everything is brand new.

Quote from @Kyle Carter: What are some questions that you can ask to each of the required team members(PM, Agent, etc. ) to ensure that goals align and they are best fit.  

Focus on education, networking, and analyzing deals carefully to ensure your first investment sets a strong foundation for future growth.Good luck!

Next, plan on inspecting your properties every 90 days; you can communicate this to the tenant as you ensuring the property is in good order and to help you plan for repairs/future improvements. 

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

The goal is to ensure that the property remains viable even if circumstances change, like dealing with a non-paying tenant or a market downturn.