@Casey Ram older homes generally have more expensive insurance.

If I can find a property that just needs cosmetic updates, covers its expenses, and leaves a little extra, I’m interested.

@Jordan Miller - I think to give proper guidance it would be good to share more details on the revenues and expenses on the property.

We’re fortunate to have an above-average income and live well below our means.This summer, we’ll be moving to Detroit (PCSing in August), and we’ve saved about $120,000 to invest in addition to having funds set aside for the home we’ll purchase in Detroit.The reason I’m posting is that I’m struggling to decide how to best allocate the $120k.

I am subletting a property that I am planning on purchasing the set up where instead of any type of security deposit I am re-having the property which is necessary before I rent it out.I will have about $20,000 in expenses all before I purchased the property.

I purchased my first single-family rental last year on LLC and I did the cost segregation study on that property now I talk with my CPA and mention about the cost aggregation study for filing the last year tax return (2024)he said that I don't need to use it because anyway my tax return is going negative because of all the expenses of closing cost insurance HOA and everything so what would you suggest me that use my Cross aggregation study for my tax return or not. thank you in advance for your response .Have you spoken with your cost segregation partner?  

Consider the opportunity to add bedrooms in the home and try to rent out each room when you leave - being in a desirable area, you could average $900/room.

I net about 3.5-5k a month(depending on airbnb) after all expenses including my primary residence and utilities there.I have built up a good amount of equity in the houses due to the renos I've done mostly myself and also from buying low during covid.

Personally, I use pooled accounts: one for all rents and property expenses*, one for Security Deposits.

However, with high rates, the next mortgage would be very expensive, and a vacancy would be intensely expensive with two mortgages.