Initially, our plan was to fix the drywall leaks, clean out the property, and relist it for a small profit.

One, I made a profit; other one, I kinda even out. 

Section 8 can be a profitable and reliable resource but it is 'their ball, their court' so know the rules first.

Paying off rental mortgages increases monthly cash flow but reduces liquidity, while investing in hard money lending offers high returns but is taxed as ordinary income.Buying a multi-unit rental provides tax benefits like depreciation, while purchasing a business can yield strong profits but requires active management.

They need to add 25% in order to get the 20% for  Overhead and Profit.

Plus, compared to other parts of Florida, the Panhandle is still relatively affordable, making it a great option for first-time investors or those looking to diversify their portfolio.Another huge perk is Florida’s no state income tax and landlord-friendly laws, which make it easier to manage and profit from rental properties.

It's a long-term learning process, but an interesting and often profitable journey - best of luck to you!

Calculate how much more in interest, lost profits, etc it will cost you to have this “blip” on your credit report.  

A knowledgeable attorney can advise here.Create a solid operating agreement: Since you own the condo with a friend, a clear operating agreement is essential to outline responsibilities, decision-making, and profit-sharing for the LLC.To save on costs:Look for real estate attorneys who specialize in investment properties and might offer package deals for the retitling, operating agreement, and filing the LLC.Shop around for title companies that can handle the transfer smoothly and provide competitive rates.Research DIY options for setting up the LLC if your situation is straightforward, though I’d still recommend a lawyer for the transfer process itself.Good luck with the process!

.), it can be profitable.