Poor communicators, poor housekeeping skills, prescription med abuse, big dogs that they couldn't properly care for, damaging, etc.

Work with a qualified intermediary and tax advisor to ensure compliance and optimize your strategy.

A professional manager can find qualified tenants who respect your home and handle day-to-day issues.

I would like to purchase another property so I looked into a heloc and a cash out refinance and it looks like I would qualify for about 75000 max which would be enough to put a down payment on another property and rehab it, but I still haven’t paid myself back from the original property rehab.

.🎯 Your 6-Month Timeline:Month 1: Foundation (5-7 hours/week)Morning routine: 1 hour daily market researchEvening routine: Deal analysis practiceWeekend: BP forums & networkingKey Goal: Analyze 10 deals on paperMonth 2: Education (8-10 hours/week)Complete 1 RE courseJoin 2 local REI groupsSchedule lunch breaks with agentsKey Goal: Build your initial power team listMonth 3: Systems (10-12 hours/week)Set up deal tracking systemCreate document templatesEstablish banking relationshipsKey Goal: Ready to make offersMonth 4: Lead Generation (12-15 hours/week)Drive neighborhoods after workWeekend open housesSetup automated MLS alertsKey Goal: Generate first 5 qualified leadsNow, the Owners and Brokers you deal with may not enjoy this, but you can certainly "practice" making offers.  

Where kids can have fun while learning teamwork and other important skills.

Because the reality is that one deal won't make you rich, but the continuous growth you get by doing deals and building your skills, network, and expertise will create the foundation to get you there! 

Lenders will want to know if the property is generating income and if it qualifies for a DSCR loan or traditional financing.

I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.7.

If the applicant comes from the pool of people that I or my tenants know, I use real estate as a way to give back as many of my tenants will not qualify credit wise or may even have a criminal background or would struggle for another reason if I were to just stick to the "background/credit check" criteria.