& repairs is unreasonable, toss taxes, trash and whatnot into the pile and the expense are easily beyond 50% of the income.I'm just guessing the 50% rule just doesn't work as well for lower income numbers in calculating profitability.

As a landlord, you risk burning out early or becoming a grouchy slumlord.It's kinda shocking, the real issue is knowing what not to do.

If I were writing a book over what not to do, I would probably use your scenario as copy!

RefreshYourWealth Episode 211 - The Perfect LLC. http://www.blogtalkradio.com/refreshyourwealth/2016/09/14/ryw-211-the-perfect-llc-what-not-to-do-when-setting-up-an-llc 

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

Dogs over 20 pounds can just be "rougher" on floors and whatnot so just make sure the dog is well behaved.  

I am just starting to get into Turnkey rentals in Detroit and Pontiac, and I am using Jeremy's business as a model for what to do and more importantly what not to do.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

Because I advise my clients on what to ask for and what not, this has always led to me being able to come to some resolution with the opposing side even with some of the most difficult sellers and buyers. 

Happy new year everyone!  I'm new here in the BP forums and am looking for some advice.  I plan on investing in my first multifamily property in a few months and will be attending my very first REIA in hopes of networ...