Gaining valuable insights into the local market.Always consider that Jackson County has a LOT of variability in KC proper and then uniques submarkets of LS, BS, Independence, Raytown, Grandview, etc all with their own local city governments, rules and regulations, each with their own uniques submarkets of their own...Happy to chat and share my knowledge and experience.2.

Dodging Toy Shop RulesIf you run a shop (have a license), you’ve got rules.

Learning how to use the correct tools and materials for a job, YouTube videos and even ChatGPT will help you get through 80% of the problems you will run into.My rule was I would not mess with HVAC, plumbing and electrical Or if it would take more than a few hours. 

You can make the mortgage Have a balloon payment in 2 1/2 years so that you don't miss out on the IRS tax exemption rule of living in your primary home two of the last five years.

If you do it right, it’s arguably the best market to invest.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 5-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

However, you do not need to file Form 8832 because IRS rules allow a married couple in a community property state to elect disregarded entity treatment by default.

Just check the local rules to make sure you’re good to go!

I see what you're saying about the 2% rule. 

Here are some key elements to include:Lease Agreements: Ensure your contracts reflect the latest laws, such as notice periods for entry or rules around security deposits.Fair Housing Compliance: Familiarize yourself with federal, state, and local fair housing laws to avoid discriminatory practices.Property Standards: Regularly inspect your properties to ensure they meet safety and habitability standards.Tax Documentation: Keep accurate records to comply with tax reporting requirements.4.

Proc. 2002-69, 2002-2 C.B. 831, for special rules applicable to husband and wife state law entities in community property states.