Wood burning hot tub would require guest to build a fire and wait hours for it to get hot enough.

(looking for other perspectives)For those who haven't - What's your one burning questions regarding doing your first JV?

If they give you a proof of funds letter without a full application and credit review burn it.

Lots of folks got burned badly in about 2013 and were underwater at renewal.

We got burned a little at closing due to the imprecise verbiage in the repair credit documentation. 

Even if it does turn out to be terrible I've burned way more than 49 dollars on way dumber stuff in real estate, that is for sure.editHe probably does not remember it, but years ago I reached out to him and he gave me some great advice on a niche form of real estate investing, which is why I am saying if it is good enough for him it should be good enough for me. 

Rents will probably start to go up in 2025/2026 when we burn off some of the new build multi-units, but rent/price ratio is not great today. 

Any company insuring your properties without an inspection most likely has a clause buried deep in their policy allowing them to deny claims for conditions found on the property that do not meet their UW standards and they will deny you claim based on "the house should have not been insured with them anyway".Although the inspections can be annoying look at it from the other side.You pay them 1000 to 3000 a year to insure a rental property where they agree to pay out possibly hundreds of thousands of dollars if it burns down or up to 1 million if a tenant slips on a bananna peel and falls down the steps or the tenants dog bites someone and since you didn't enforce the tenant having their own renters policy to cover the dog bite the landlord's policy is paying out.The insurance company is very much like your rich uncle backing your business venture - you run the business, he takes on the financial risk from disasters, and doesn't even get a say in who lives in the property.Your rich uncle asking you to fix the steps, put up a handrail, etc which is in your and his best interest long term.Do you really want to rent out a property with a busted front step and a bad roof that is going to leak sooner than later?

I work a lot in this space, and I've seen too many people get burned relying on someone else's numbers. 

I am a big believer in investing for appreciation (especially if it was forced appreciation), but $800 a month negative is just too much to swallow IMO unless that property was appreciating well over that every month and you had endless cash to burn.