A successful rental property should offer positive cash flow, meaning your rental income should exceed your monthly expenses (mortgage, taxes, insurance, maintenance, etc.).To find the right tenants, ensure the property is priced competitively within the local rental market.

Ready to jump ship on our lender if there's someone else out there that can get us to close by March 16th.Details:Powell County KY 35% down Excellent credit (although we've had two hard pulls recently - by the same lender)Property appraised for 3% over purchase priceAll paperwork (tax info, pay stubs, bank statements, etc.) in a folder on my computer and ready to submitHurdles we've been dealing with:- Unresolved mortgage on previous owner (we've been told it's been resolved)- Small judgement lien against previous owner (<$1000) can not be resolved.

It'll be important to know how much taxes you're gonna be paying when you sell it.

Vacancy rate, insurances taxes, interest rate, repairs and maintenance.

The faster you can pay the infamous "dumb tax" the faster you can create wealth. 

However, high property prices and steep NJ taxes mean you must carefully analyze cash flow.

An LLC is really a partnership that has been given the same liability protection that a corporation gets BUT they get pass through tax status. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Are they going to be able to buy your proudly done flip.3) If you misjudge the market, do you know when to dump it.4) Can you put a spreadsheet together on your purchase costs, carrying costs, rehab costs, closing costs, selling costs, tax costs, contractors that don't show and delay your project etc. etc. etc.5) Is the return worth the risk.

Instead, it could impact your cost basis in the property, which would affect depreciation and future tax calculations.