Foremost, Proper are 2 big ones.Don't skimp and get the place insured properly.

Proper documentation ensures you’re prepared to substantiate your claims.Federal REP or STR material participation allows you to deduct rental losses against active income, significantly reducing your tax liability.

I want to stop being pennywise pound foolish and get things set up properly. 

Ensure you collect a proper security deposit (typically one month's rent in Florida) to cover potential damages.Your plan to increase rent next year makes sense given rising costs (taxes, insurance, and maintenance).

Here’s how you can stay informed and ensure your rental properties meet all legal requirements.1.

I plan to manage the properties myself until it conflicts with my regular job.I would appreciate any advice on these markets to ensure success and connect with local investors.    

While living with tenants can pose challenges like privacy concerns and tenant relations, clear boundaries, professional management, and proper tenant screening will help you succeed.

As General Partners (GPs), we juggle a lot—talking with vendors, negotiating with buyers and sellers, and ensuring the deal stays on track.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

What should I keep in mind to ensure I'm approaching it the right way?