Thats the challenge, you want leads that others DONTIf you can leverage outside marketing mediums to reach these folks, it will really help boost your mailers performance.

The next property you buy may not perform nearly as well as the one you already had.When you buy property, hold it forever.

Negotiate price, closing costs, and repairs, conduct inspections, and perform a final walkthrough.

Quote from @Steven Gesis:  Important takeaway is due diligence review, not only deal level but sponsor track record - yes, past performance is not indicative of future results, but at least it's a metric to review.   

Hi Sharon, Im curious how your purchase in Big Bear has performed?

She is in a big beautiful house on Parkside Drive with a wing that can basically be separated off by a locked door, but her wing doesn't have a kitchen.

Regular updates and transparent reporting are crucial.Performance Metrics: Set performance metrics and review them regularly.

If I pay with cash it will take up most of my money that I have set aside to perform renovations on the property.

Specifically, the law requires the seller to provide information regarding all room additions, structural modifications, alterations, or repairs made to the property since obtaining title if they were performed by a contractor.

Converting your single-family home into a rental property involves several considerations to protect yourself and ensure smooth operations: Establish an LLC:Liability Protection: Holding the rental property in an LLC can protect your personal assets from potential lawsuits related to the property.Tax Benefits: An LLC can offer tax advantages, such as pass-through taxation, where rental income is taxed at your individual income tax rate.Insurance:Landlord Insurance: Ensures coverage for property damage, liability claims, and loss of rental income.Umbrella Policy: Provides additional liability coverage beyond your landlord insurance, offering extra protection.Deductions:Mortgage Interest and Property Taxes: Continue to deduct these expenses.Depreciation: Depreciate the cost of the property over 27.5 years, excluding the land value.Maintenance and Repairs: Deduct costs related to maintaining the property.Property Management Fees: Deduct fees paid to the property manager.Filing Taxes:Schedule E: Report rental income and expenses on Schedule E of your tax return.Separate Accounts: Maintain separate bank accounts for rental income and expenses to simplify bookkeeping.Lease Agreement:Solid Lease Terms: Ensure your lease agreement is thorough, covering rent amount, due date, late fees, maintenance responsibilities, and eviction terms.Legal Review: Have the lease agreement reviewed by a real estate attorney to ensure compliance with local laws.Tenant Screening:Background Checks: Perform credit, criminal, and eviction history checks on prospective tenants.References: Contact previous landlords and employers for references.Property Management:Regular Inspections: Schedule regular property inspections to ensure it's being maintained properly.Maintenance Fund: Set aside a reserve fund for unexpected repairs and maintenance.Moving Out of State:Communication: Maintain open communication with your property manager.