If the attorney represents you ask them for their professional advice or what risks you face?

I use an umbrella policy for that purpose, but do the research (or pay someone who already knows) for the right protection for you 3) consider using a professional PM or recognize that you need to increase your knowledge related to managing properties.Good luck

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Impressive Rent-to-Price Ratios: Average rents for 3-bed homes are about $800-$900/month, potentially yielding 12-15% gross returns.Economic Transition: While historically industrial, Bay City is diversifying into healthcare, education, and service sectors.Revitalization Efforts: Downtown redevelopment and community initiatives are breathing new life into the city.Strong Cash Flow Potential: Low property taxes and insurance costs contribute to robust monthly cash flows.Let's crunch some numbers on a hypothetical deal:Purchase Price: $75,000Down Payment (20%): $15,000Mortgage (4.5% interest, 30-year fixed): $304/monthProperty Tax: $100/monthInsurance: $60/monthEstimated Repairs/CapEx: $100/monthProperty Management (10%): $85/monthTotal Monthly Expenses: $649Potential Rent: $850/monthEstimated Monthly Cash Flow: $201Cash-on-Cash Return: About 16.08% (not including appreciation or tax benefits)These are rough estimates, and individual properties will vary.

Example: claiming tax benefits from the STR loophole or from the Real Estate Professional Status (REPS) - which, by the way, are two completely separate things.

This would be better answered in a private setting with your tax professional to determine the best steps moving forward and structure.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

If you’re looking to retain professional services to get the feasibility and zoning/conversion processes figured out, please reach out.

Danko (Author)It’s people who live a fairly conservative lifestyle and while they own  mundane type businesses or work professional type jobs (or high paying blue collar jobs) put aside a good amount of income for investment.  

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?