that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Quote from @Mitchell Coles: In Ohio, property liens are typically recorded at the county level, making the County Recorder's Office a valuable resource for property research.

A typical snake is configured for 100 feet.Call another plumber and get a video of your sewer line.

- Of course, most of these PMCs weren't even properly licensed and were typically one-person companies.If you have an LLC, the PMC will only need the LLCs EIN.- If you chose to set up your LLC as a pass-thru entity, then you will need to supply your SSN.FYI - to avoid getting nasty letters from the IRS about errors (which might cause us to be audited), we will ask for a copy of your EIN assignment letter or a copy of your SSN card to confirm those numbers.

In the assets I am considering - the seller is typically selling because they no longer have the time or energy. 

While they typically have considerable deferred maintenance, we're getting great terms.

I like the garage conversions for ADUs since you can typically complete a 1-bed, 1-bath conversion for around $90K–$110K.

A refinance into an LLC avoids this risk but typically requires a commercial loan with higher rates and stricter terms.If asset protection is the main goal, umbrella insurance may suffice without disrupting financing.

Also, I wanted to convey that the type of investor I describe should on;y accept a quality tenant well above what’s typically considered acceptable in the industry.  

If you ever incur a state income tax in MO, you would typically be able to take that amount paid as a credit against your KS taxes paid, so you won't end up double taxed to both states.