it's that simple.2. you switch to a landlord policy on or about the day the tenant moves in3. no, you don't refinance your mortgage just because a tenant moves in (unless i am missing something the two have nothing to do with each other)4. let the PM do this5-6 - up to you, you don't need either one when you're getting started7. too personal a decision to advise, but yes you need reserves - what if you need a new furnace or new appliances?

The other thing to keep in mind, keep it simple and buying things you don’t mind getting ruined and are easy to replace.

Utilize checklists and capex estimators to capture essential information and assess the property's condition accurately.Take advantage of property tours to gather valuable insights and make informed decisions.

They are not cheap and obviously require some kind of cellular plan, but I was able to get them to work using Mint mobile (you need a phone to activate the sim card on first, like an old iphone) Ive had 3 of these up watching a property in Cleveland, OH for well over a year, and Ive only had one issue where I needed to go check on the camera itself, (the plug for the solar panel came disconnected and just needed plugged back in) This camera in particular is nice because its actually 2 lenses that capture the full 180 degrees, so one cellular plan for "2" cameras.

Simple and fair.First month received that $200 and was distributed as above, Everybody happy.Second month received $200 on time and PM break down that amount and claim there is $45 late fee, and all that $45 goes to PM account.

Wisdom is learning from others' experiences/mistakes.Real estate education is relatively simple.

I jumped at the opportunity to learn the business and it has been amazingly simple.

This sounds simple, but it is important and every landlord in CT (and elsewhere) should be aware of this tip.

But, I believe that a fee structure like this is way worse than something simple like: "Good" Property Manager Fees:- 10% of rents- 50% or $500 lease-up fee- 25% or $250 lease renewal fee- 10% GC charge on projects over $1,000 (guarantees they will get 2-3 quotes on jobs of this size).- $500 - $1,000 flat rate breakup fee, payable only in year 1.This very simple, but higher headline, fee structure better aligns incentives.

The way I see it in term of risk/reward , I would do more flips in Maui/Big Island rather than in CA.With that kind of money that you have I would buy one simple STR to live in and use the rest of 5 mil to build flips empire or even hotel like suggested by someone.