But then I discovered Baselane, and it's been a game-changer.One of the things I love most about Baselane is how easy it is to track income and expenses.

There are pros and cons to long term and short term from a rental management side, and purchase/acquisition.Long term = lower vacancy, lower expenses, potentially lower revenueShort Term = higher vacancy, higher expenses, potential for higher revenue, financing is more expensive than long term rentalsWatch out for local STR regulations, they vary from city to city.

I have no idea what your other operating expenses are.  

I'm a huge proponent of being able to lawyer without the assistance and expense of counsel.In the big scheme of things, eviction proceedings are quite informal compared to other actions and really the question becomes 1) is there a valid lease?

I live in New York, and as you know, properties here are expensive, and it’s not exactly a landlord-friendly state.

We use it for managing our portfolio of SFRs and small multi's and it handles everything accounting wise for the properties so there's no need for quickbooks.You can also run your property management business expenses through Buildium or use Quickbooks if that's easier. 

@Tony Thomas no advantages that come even close to covering all the expenses and paperwork headaches!

But as interest rates increased by 525 basis points between March 2022 and July 2023, the predictability that BRRRR relied on started to fade away​.With the Fed aggressively hiking rates, refinancing became much more expensive.

@Brandon Ja - The standard answer here is to check with your CPA, but from my standpoint expenses that add longevity and functionality to an existing property (including adding square footage) would make that a capital expenditure that can be depreciated over time.

That said, expect to deal with a fair amount of fluff leads.The two best strategies I’ve found are inbound methods: direct mail and Google Ads.Direct mail can be expensive, but it can also yield highly discounted properties.Google Ads, on the other hand, doesn’t require data extraction like calls, direct mail, or texting.