If so, self-managing properties might not be the best use of your time - In any case, I'd encourage you to talk to multiple local property management companies, keep the above in mind, and understand how they approach management.In my experience, property management isn’t just about finding the right tenant or collecting rent—especially in a tenant-friendly state like Rhode Island.

This approach helps manage costs while providing predictability for tenants.Thanks @Julia Lyrberg!

I am kind of stuck on where I should lead him next, since he's busy with school and sports he doesn't have time for a job.

Since they are responsible for maintaining the relationship with you after the transaction closes, this approach adds an extra layer of confidence and security to your investment.

However, I should note that this tenant has been late paying rent several times recently, which has added some strain to the landlord-tenant relationship.How would you approach this situation?

I'm a guy approaching middle-age, living in Chicago.

These I have found are real, striving parents, working their butts off to provide the best housing and school system for their children.My ethos in this approach is exactly why we at LaPlante refer to them as Residents, as we consider "Tenant and Landlord" to be dated terms and rife with negative emotion.

Need to be sure you include the "unknown budget" and never take the optimistic approach as it is better to have money left at the end than writing more and more checks that were unplanned for.Again, if you can walk through an actual property and compare notes with someone that does it in your area (key factor), you will be way ahead of what a generic book can give you.

Examples could include:Partnering with other investors to share risk.Using seller financing or lease options.Leveraging creative rehab techniques to save on costs.Negotiating with contractors in a unique way to reduce expenses.I’d love to hear any stories, tips, or approaches that helped you pull off a deal others might have instantly passed on.

And with price and rent appreciation in CA, we feel confident in the long term approach with these properties.