We spent well over $10,000 on repairs and still fixing.

I didn't make much money, but the most valuable aspect of the experience for me was learning how to find crafts people, acting as my own general contractor, and then learning what order in which to do repairs and improvements.

Your COC is 20% if you have no other repairs, vacancy, etc, which over time you will.

And this works great, when it works, but as soon as the place goes vacant, or rents drop, or a major repair is needed, you still need to pay your debts, so the risks to your cash flow are increased.

I just started watching a lot of videos on the BRRRR method and don't know what to do after doing those repairs.

Specifically, the law requires the seller to provide information regarding all room additions, structural modifications, alterations, or repairs made to the property since obtaining title if they were performed by a contractor.

My advice: thoroughly photo document the area including your repairs and the punching bag.

Here are some tips and insights to consider as you begin building your real estate portfolio:Options:Refinancing: If you have equity in your condo, consider refinancing to access funds for future investments.Investment Loans: Explore options like conventional loans for financing future rental properties.HELOC: Depending on your equity and financial situation, a Home Equity Line of Credit (HELOC) could provide flexible financing for down payments or renovations on new properties.Build a Financial Strategy:Budgeting: Create a detailed budget that includes mortgage payments, property taxes, insurance, and maintenance costs for your rental property.Cash Flow Analysis: Calculate expected rental income versus expenses to ensure positive cash flow.Emergency Fund: Set aside funds for unexpected repairs or vacancies.Research the Rental Market:Location: Choose rental properties in areas with strong rental demand and potential for appreciation.Tenant Profile: Understand the demographics and preferences of renters in your target market.Market Trends: Stay updated on rental market trends and local regulations affecting landlords.Property Management:Self-Management vs.

Include a timeline for when you expect a response.Request for Repairs/Completion: Ask the contractor to either complete the work and reinstall the alarm system or provide compensation for the damages and incomplete work. 

Deegan and @Arda Bircan There are technically 7 Tests for Material Participation (but 3 that are most common) -> the individual 500 hour mark, that the activity of the individual is substantially all, and that the individual participates more than 100 hours + no-one else spends more time than them.Litmus Test: Are your hours integral to the operationsThe hours that qualify must be substantially all hours and have a legitimate impact on the rental activities.Activities that generally count: showing the property for rent, taking tenant applications & screening tenants, preparing & negotiating leases, cleaning & preparing the units for rent, repairs, and improvements, managing the construction, purchasing supplies & materials, inspecting the property, responding to tenant complaints & inquiries, collecting & depositing rents, evicting tenants, writing & placing advertisements, and working on your websiteActivities that don't count: education & research, investor-type activities, and travel time..