Both generate passive income streams without you having to clock in at a 9-to-5.🏗️ Building Equity While Others PayWhen your tenant pays rent, they're helping you pay down your mortgage - building your equity.

It can still qualify if it's a fixer-upper, as long as the rental income from the property can cover the debt service.

Though it may cash flow well based on their current debt service, when you compare the income it produces to the equity they have is it actually even a good investment for them from an ROI perspective or would they be better off liquidating and redeploying?

A popular Excel template is Vertex42 as it automatically includes spaces for property details, rental incomes, expenses, and a summarizing sheet.

for me it was income potential of earning commissions instead of salary.so at 18 I got my RE license.. and while it was a bit of a chore getting going as it is for most agents..

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

Setting rent significantly above FMV could be seen as an attempt to shift income or inflate deductions, leading to potential penalties.

@Charles Perkins is absolutely correct about "collecting all receipts, properly tracking all income and expenses and your basis for all assets properly documented and recorded."

Would it be smart to tack on another 203k in the future assuming my income covers payments?

Property taxes, income taxes, sales taxes, declining population, unfavorable rental laws, winter weather.