I''m a health professional and my wife stays at home taking care of the kids The goal is to generate income and slowly retire from 9 to 5 job The house we live is paid off and we have 1 rental property which generates about $700 cash flow.

I’m sure they exist somewhere, but the vast majority of small businesses just don’t generate the income nor the margins to hire the quality of people nor the specialized skills needed to produce without the involvement of the owner willing to wear many different hats, pick up the slack where needed, and work the hours necessary to make the business a success. 

If the market cycles down you'll be able to weather it while still generating a return.Continued success!

But I generally ignore it because I don't want to waste energy on it. 

We were thinking about having a management company or other professional help generate a letter with details about the scope of the work.

We moved out in June 2023, and since then, I've been renting it out, generating around $1,450 in monthly cash flow, not counting variable expenses.

. - Strict local regulations can also sometimes increase compliance-related maintenance costsCost-saving strategies I've seen help:- Preventative maintenance programs can help reduce overall costs obviously - Some investors report success with in-house maintenance teams for larger portfolios- Energy-efficient upgrades can help reduce utility costs in the long runYour specific costs will depend on factors like the age and condition of your properties, your management style, and the specific neighborhoods you're invested in, but hope this helps!

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.This example shows that while the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall annual loss.

I just finished a project in Torrance, CA, and I found that California has a lot of additional requirements related to energy code and seismic design.Construction: it helps to get a contractor involved early in the design process.

Focus your energy on moving forward. if you need help with people to get the space ready again to rent let us know.