Vacancy time is the biggest financial pitfall that comes with owning a rental property.

So, if you fail to apply the correct assumptions to a property, your expectations won’t be met and it may even be a financial disaster.We use the following to rank Property Classes, in order of importance:Property Tenant Pool: closely linked to location, but not always.Property Location: closely linked to tenant pool, but not always.Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.

So, if you fail to apply the correct assumptions to a property, your expectations won’t be met and it may even be a financial disaster.We use the following to rank Property Classes, in order of importance:Property Tenant Pool: closely linked to location, but not always.Property Location: closely linked to tenant pool, but not always.Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.

Disclaimer: I am a licensed real estate broker associate in Florida, but this is not legal or financial advice.

We're currently both working a W-2 job with a combined household income of roughly $150k, and searching how to start to our journey to financial freedom. 

However, there’s an entire industry dedicated to financing real estate investors and business owners without relying on W-2 incomeIf your business is outside of real estate, there are bank statement loans or asset-based loans that consider your overall financial picture rather than just W-2 income.

They also ask people to look into their financials and assets at the sales event.

If there are any non-tax UCCs filed on the entity, make sure Title is aware/has the info (shouldnt impact the title policy, but you never know).For the mortgage, I would be more aggressive with the covenants/agreements since this an NOO entity borrower - provisions for cross-default, financial and management performance requirements, change of entity management/ownership, minimum capitalization, etc.

I believe they have a financial segment as well. 

So, if you fail to apply the correct assumptions to a property, your expectations won’t be met and it may even be a financial disaster.We use the following to rank Property Classes, in order of importance:Property Tenant Pool: closely linked to location, but not always.Property Location: closely linked to tenant pool, but not always.Property Condition & Amenities: it’s important to, “Maintain to the Neighborhood.”Key metrics for each Property Class:Class A Properties:Tenant Pool: Majority of FICO scores 680+, no convictions/evictions in last 7 years.