These scenarios often can be a real nightmare.

What is Your Real Estate Experience?

Don't forget to annually mark time for vacation or family time.You might consider hiring a teenager part time if there's something that is time consuming (for me, putting out 20 open house signs then picking them up).Best to you!

One time when I bought on owner financing, I totally forgot that I didn't have property taxes included in my interest-only payments to the seller. 

Exciting times ahead, @Joshua Kavadi!

It’s great to see your enthusiasm as you dive into real estate investing.

They took a long time to respond to emails.As you embark on or continue your business buying journey in the new year, I know you are going to see more opportunities come your way and experience more success if you can remember this lesson.Between 1981 and 1999 I purchased 8 businesses, while also being a part time real estate investor.  

As a starting point: -If they work full time and make $700k a year -Don't want to or can't spend time self managing a short-term rental -Don't have a spouse who wants to take the lead on managing the rentals They are likely not going to directly reduce their taxable income with real estate year-to-year. 

In the real world, its hard if not impossible to get all 4 aspects on a single deal.

Read "Long-Distance Real Estate Investing" by David Greene for starters.