It’s a great reminder to trust your own due diligence and not let others make critical decisions for you, like hiring a property manager.For future investments, building a trusted team and maintaining direct oversight is key, even with remote deals.

Even when you buy a property with tentants, you also have the risk that they stop paying you and since you didn't screen them, you are left with just hoping they won't do that.

ChatGPT tells me that the cash out proceeds even if only reimbursing myself is non deductible because the proceeds are not reinvested in property

But what you did accomplish is that now you owe $800 per year to your greedy state of CA, even though the LLC is formed in another state.

Even if you make all of your payments on time there are times when something happens by accident or a collection pops-up and drops the credit scores. 

We like self-storage because even if there is a recession, and people downsize, those people will have a need for self-storage, as evidenced by storage occupancy rates during past recessions.

Common sources of such properties include:Foreclosures: Homes that have been repossessed by banks due to non-payment.Distressed Properties: Homes that are in poor condition and need a lot of work.Auctions: Properties sold at auction for below market value.Off-market Deals: Properties that aren't listed on the MLS but are available for sale through direct outreach or networking.The key is to buy a property at a price low enough to ensure that even after renovations, the home will appraise for a higher value.2.

Assume break even cash flow while rented which includes a generous $600/mo repair fund. 

For purchase price, use this formula,  (Arv * .70%)- Rehab = Purchase Price Good evening Dustin, I went onto the webpage for Arizona association of Realtors and I found the agreement for 2024, however I am not licensed so I do not have access to download the contract.

So, perhaps hiring a couple day laborers to help them move or even paying the 1st months rent on a storage unit would be better.