I guess the only disadvantage with this option is the space issue.I also thought of just renting a bigger space while we increase our capital which may entail a longer time, but honestly I feel I'm already having tunnel vision and not being objective anymore.Any thoughts will be greatly appreciated, I'm sure I'm missing a ton of things with this picture and I'm not even sure if I am asking the right questions...Thanks in advance everyone!

The reason they stayed so long with us was because we had a good landlord/tenant relationship which entailed respect for each other, no matter what type of neighborhood they lived in or who they were.Landlording was and still is in my blood.  

What areas are you looking at and when you say 30-40k rehab what does that entail?

I recently read Rich Dad, Poor Dad with my fiance and we got a strong desire to get in to real estate, not really knowing what exactly that would entail.

I have no clue what that is but it is high . what does it entail thanks for your help.

However as your post states you have recently committed to become MFH investor which entails a minimal to no knowledge of the business at this time.

What that would entail would be to fully purchase the property using your HELOC so it would be like a cash purchase (lots of advantages to use with the seller - quick close, no finance contingency, etc). 

BP Family, I am putting an offer in on a nice 2 family in North Jersey. It's zoned as a 2 family and needs a lot of work but is in an area that gets good rents and a nice neighborhood. Since I'm already doing the work...

I'm a big fan of minimizing common areas, common amenities... and their inherent expenses to the small-time landlord... whenever possible.Think of common areas and amenities as the socialist part of your capitalist facility... encouraging irresponsible use and abuse...Your use of a direct payment system, like the coin-op timer, is a good step in the right direction.However... if you are going to use the basement as a common area... sounds like you need to have a common area electric service with its own meter...If you see no reasonable or affordable way to physically separate the common area utility circuits from the lower unit... then you might want to adjust the lower unit's rent to compensate...If you have decided not to do any re-wiring... another option might be to designate the basement, and all it entails, as belonging to the lower unit... since it is already wired that way...

Hi does anyone have any thoughts or input on what is entailed when to comes to referring buyers to realtors for a fee?