You certainly want to vet your property manager to ensure they are focused on balancing asset protection with tenant satisfaction.

Structurally, the property is in pretty good shape EXCEPT one problem that I cannot properly assess: the plumbing will not hold pressure.

Keep detailed records of repairs, improvements, and rental income, and consider working with a CPA specializing in real estate to ensure you're taking full advantage of deductions and strategies like passive losses, home office deductions, or even the Qualified Business Income deduction if applicable.Good luck!

Since the original mortgage stays in place, you only need to ensure the reinvestment equals or exceeds the proceeds.

This designation doesn’t cost extra or give the manager access to insurance payouts but ensures you and the property manager are aligned during incidents, such as tenant lawsuits or insurance claims.

They’re ideal for those building portfolios, as they don’t require extensive personal financial documentation.A key tip is to ensure the property’s cash flow comfortably exceeds the lender’s DSCR requirement (typically 1.25x or higher).

@Albert Gallucci as many have pointed out, in the commercial space of 100+ apartment buildings and offices, property classes have some pretty decent industry standards.We started applying these to 1-4 unit properties around 10 years ago, which you can verify on our blogs, because we saw too many newbie investors not properly taking into account things like, neighborhood status, tenant pool, property condition, etc.Unfortunately, there's no industry standard for this, but you can use some basic logic to think your way through your own Classifications.

@Patrick Shep the app launched 24 hours ago so the next few months are going to be to ensure that the current features are working as expected.

Try to anticipate other potential avoidable situations with a follow up inspection to assess the Locksmith’s work and ask your tenant(s) if you can also use the time to assess for other issues such as unchanged HVAC filters, leaky pipes, working shutoff valves, working smoke detector batteries, properly working downspouts, clogged dryer vents, evidence of water damage from leaking roof, etc,etc,etc.

Budget these carefully into your overall project plan to avoid surprises.Rehab Budget: Ensure that bids are received from multiple contractors and that adequate reserves are made for cost overruns.ARV: Be conservative on your ARV since the appraisal concerns one person’s opinion.