Contractor burnout is another concern.Owners like to think it's so easy to just pick up the phone or send a mass email to get contractors beating down their door to give them a bid and hopefully get the job.Doesn't work that way!

When it comes to real estate, here's a general list of eligible assets and their depreciable lifespans that you should know: Residential Rental Property = 27.5 yearsThis includes any building or structure where 80% or more of its gross rental income is from residential units.That means:- Apartment buildings- Single-family rental homes- Duplexes, triplexes, and quadplexes- Mobile homes (used for residential rental)- Any kind of residential lodging facility where the primary purpose is long-term rentalCommercial Property = 39 yearsThis includes non-residential properties like:-Office buildings-Retail stores and shopping centers-Warehouses-Industrial complexes-Hotels and motels that do not qualify as residential rental propertyLand Improvements = 15 yearsThese include sidewalks, roads, fencing, some landscaping, and parking lots that are separate from the building.Personal Property = 5 or 7 yearsPersonal property used in a rental activity usually has a 5 or 7-year life.This includes most furniture, appliances, carpeting and various machinery.Qualified Improvement Property (QIP) = 15 yearsGenerally, this includes any improvements made to the interior of a non-residential building after the building was placed in service, excluding elevators, enlargements, and the internal structural framework.Computers and Related Peripheral Equipment = 5 yearsVehicles = 5 yearsNote that the land itself is not depreciable.

One potential mentor I had one phone call with and never contacted him again. 

. - You should hop on a phone call with some agents in the market you are interested in and ask about the area, their experience, to run some numbers with you and then even do some virtual tours with you of some active listings. 2.

The building tradesmen are busy too, but I just called ABC and got the name of a guy who buys alot of bitumen roofing so as to get a quote on a leaky patio cover, got a guy to bid cement board skirting on a stick house by calling Palm Harbor mfgr home sales center, got a card from a guy working across the street doing drywall repair and put it in my phone.

I see people without”mentors” who have NEVER had any success with the strategy they’re teaching or haven’t had any success in real estate at all, or have a history of failure often with multiple lawsuits and bankruptcy filings acting as “fronts” for marketing companies out of Las Vegas and Provo, Utah utilizing phone boiler room operations.  

If you insist, try skip tracing if you have one of their phone numbers.

I literally laughed through the phone at his suggestion, because I was broke, in debt, and in every way and unqualified borrower, and the lending environment in 2012 was probably stricter than it had been since the invention of the 30yr mortgage.

I am an engineer who works out of his basement everyday and rarely is on the phone.

@Briar Blake @Sean GallagherAfter hurricane Ian we didn't have electricity or phone service.