To make sure we don’t skip important steps.

What I don't think anyone has addresed is, that you get a stepped up basis when you inherit a property If you inherited it recently you should have an insignificant gain.

I mainly bought it so that my parents can have less to manage and go to at a resort- less steps, maintenance as they age etc.

Hi Yu Jin,Dayton is a step up from Toledo but also comes with a step up in price.The numbers make sense in many Ohio cities.You make money when you buy and not when you sell.So look for off market (We do a lot of direct to seller), negotiate hard, buy with cash and buy quickly.Great deals don't last so you need to know the numbers very well in your target market.I've flipped hundreds of properties in Toledo since 2014 and am glad to say that I know the market like my back pocket.All I need is the address, scope of work and how much I can buy it for.Quick access to AREIS, the MLS to run comps and "ka ching".I know if it's a deal or not.Immerse yourself in the market and become a market expert on the numbers.Nothing comes easy mate and all good things take time.If you are looking to build a rental portfolio in Ohio you have to build a big one.Buying 1 or 2 properties and expecting a significant impact to your bottom line from a net-worth or cashflow standpoint isn't worth the risk IMO.In all sub $100,000 markets, it's important to build a large portfolio as there is a high likelihood that you will have repairs and vacancy on 1 or 2 properties at any given moment.Just my opinion and all the best.

Hi All,I am in the very early stages of this journey and am trying to figure out what the best step to take needs to be when jumping in.

@Maan Najjar Hi Maan, Congratulations of taking the step to purchase.

Hi Robin,That sounds like a really challenging situation, and it's great that you're taking proactive steps to address it.

Looking for property is not the first step...it's understanding the process and what you need to do to get ready for it.

I obtained a commercial loan that was a 1 yr interest only and required 25% down which I borrowed from my step father to be repaid after closing plus a $5000 payment.

Transitioning to newer product is a great step in rebalancing the portfolio and reducing liability on cap ex issues.