If you want to be positive about it then realize you could have lost a lot more before being motivated to read the statutes around your chosen profession.PS it blows my mind how many people here conduct these conversations by text message as @Mindy Jensen said.

You could also check the National Association of Residential Property Managers NARPM.org This lists PM by state and area:Hiring a property manager is an important decision, and can be an asset for a property investor, but can also be a detriment if not chosen carefully and without some due diligence.

Being an alum and former resident of Oxford I'd say you've chosen one of the best places for real estate growth in the state.

Hate to echo all the wise responses above, but it does sound like you're setting yourself up to be a potential distressed foreclosure statistic the next time prices start dropping or your good neighbourhood goes bad (and thinking it can't happen is not being optimistic, it's pure gambling).Keep renting until you can afford better, or even keep renting period, and invest in real investments, as opposed to the home you want to be living in - you can rent that home easily enough, with no big dramas occurring if you're suddenly stressed for cash for whatever reason, and have to downscale - you simply move to a smaller place in that case.The criteria for the home you want to live in and the good investment you want to purchase are completely different - often contradictory.

We have chosen a portfolio of self storage and mobile home parks.

Therefore, I am uncertain as to how much I can profit, and therefore, I am on hold.I would say that if you already had Portfolio of buildings like mine which had properties acquired decades ago and had already captured a large amount of Appreciation where the Price may move down a bit, then it's worth keeping for the Gamble that the future politics may not touch 2 to 4 Family Buildings.So for me personally, I am keeping the portfolio but am not expanding it.What I will expand, however, is my Property Management business should the future regulate my buildings!

I would not ever give him specifics as to why you have not chosen to rent to him - that just opens yourself up to having to explain, justify and defend your decision. 

This is a 1 bedroom condo that does not make sense to rent out.Purchase price: 390kRehab:  30kCurrent value: 485kWhen I say 485k, I mean that if I put it on the market for that price today then it would have 10 offers for that price within a day.So the main question is:Do I sell it now and pay the higher taxes on the sale, or do I gamble with waiting till October to avoid paying capital gains taxes?

There are alot of investors who have done this research and created expertise, so you can align with a few on the chosen subject and go all in on their content.To simplify however, when it comes to investing into commercial assets or anything for that matter, it breaks down:What is the return on investment?

Going in debt to invest is gambling.