Insurance must be in place on the property, with the seller as additional insured.6.

We're based in Tampa and, in addition to personally investing, I own a mortgage company that provides financing for tons of investors.

Thank you Eric.In addition to the rental properties, my wife and I have a paid off house, paid off car, and about $1.4m in retirement accounts, brokerages, and savings.We live in a HCOL area and our expenses are $9.5k per month even though we live pretty modestly.I set out initially to have real estate pay for at least some of my expenses in order to give me more freedom and financial security.Is your wife quitting too? 

And of course all the events and attractions that draw people to Myrtle Beach are just 20 minutes away.In addition to Murrells Inlet, I would consider the adjacent Surfside Beach... which sits right between Garden City Beach and Myrtle Beach. 

It will take time.3) Property management companies, chamber of commerce meetings, local commercial RE brokers, etc are all additional options to network and find people who do deals.

@Kevin Connauton most PMCs won't touch this type of renting due to all the additional headaches and liability.We second contacting PadSplit.

There are cheaper one’s in D/F areas but I would be careful as those can create a laundry list of additional issues.

So $4,500 of additional costs to have a partnership only to avoid hypothetical risks would exceed the profits from many SFH. 

If they’re underfunded, you could get hit with special assessments.Not sure about the exact contract with the tenants, but I assume if there is any additional assessment, it would be tenants’ responsibility.Since you want to stay local and focus on cash flow, commercial makes sense, but have you considered industrial or flex space? 

In addition, you would need enough working capital to pay for insurance (which will be going up a LOT in Los Angeles) and to pay for property taxes.Don't buy this unless you have substantial resources and a cash cushion to keep yourself safe.