Take ownership of your mistake and learn to do the proper due diligence recommended above😊

Without taking a proper tour of the cabin and only driving by and seeing pictures of the inside.

It’s a good idea to work with a qualified intermediary and a tax advisor to ensure everything is structured properly and you’re clear on any tax implications.

The reason is that one wants to be able to properly avail themselves to the laws and protection of the corresponding state where the property lies.

(if this makes no sense to you, research the 80's)Yes, fundamentals apply like compounding returns, proper use of leverage, appreciating assets etc etc, but the specific's of the how-to's, the "plays" one runs, how you play the game, it's a different game than '19'. 

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

With proper tenant screening and systems in place you can absolutely be a successful landlord.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

This is something you would have had the seller fix for you, especially if there was a water dispensing fridge installed.