You can use TurboTax to handle these calculations, but if you’re unsure about expense allocation or depreciation, consulting a CPA can help maximize deductions and ensure accuracy.

Another one to consider is the FHA 203(b) if the repairs aren’t too major and you’re okay handling some out-of-pocket fixes.

I find condos/townhomes to be easier to manage out of state because the HOA handles a lot of the maintenance, just be aware of condo fees and find a place that is reasonable like $300-400/mo or less if you are lucky.

A lot of stuff I handled myself.

Vacancies, tenant turnover, or non-payment can impact cash flow and delay your plan.Time and Effort: Managing multiple properties, handling rehabs, and dealing with tenants requires significant time, energy, and expertise.

Hi Curt, Yes we handle all of Hudson, Bergen and Essex counties, NYC and beyond.

Managing a property hours away can be challenging if any issues arise, but having a third-party property management company could help handle those situations and make things more manageable.I think you are in the right place to gain some insight on what would make you successful. 

Hi Daniel, condos can be a great low-maintenance option for LTRs, especially for absentee landlords since the HOA handles exterior upkeep.

A professional manager can find qualified tenants who respect your home and handle day-to-day issues.

Once you have a handle on that then you can decide from that point.