Research the market, use data analysis tools, build a team with experienced professionals, and practice deal analysis.

This isn't a requirement but best practice since we don't have public transit.We have two homes on septics.

There is a reason that most states (including Connecticut) require property managers to be licensed, one of which is that they are required to have basic education on the rules and laws governing the practice.

You really have to practice preventive maintenance when trying to ensure a property will cash flow.Knowing the market and helping buyers with ARV potential is a huge step and creates a repeat/return buyer.

The emotional part takes time to develop, but the more you consciously practice it, the better.  

White is denied the privilege of appearing or practicing before the Commission as an accountant, with the right to apply for reinstatement after three years.In a separate proceeding filed in district court on May 31, 2023, the SEC charged, among others, ORES and its CEO and founder Chimene Van Gundy with violating Sections 5(a), 5(c), and 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder.

Now, I know someone could say the cost should be "negligible" couple of hundred dollars a month, in comparison to the whole buildout budget, but still I do want to know what are the best practices out there.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

Practice running the numbers.

If not, even though you are a re pro, losses are passive & deductions are limited.There are 7 scenarios that will qualify as material, and you only need to meet one:*500 hours*Substantially all participation*> 100 hrs and at least 1/2*Significant participation*5/10 years*Personal service activity w participation in last 3 years*Continuous participationTo materially participate, you must be involved in the operations of the activity on a regular, continuous, and substantial basis.Once you pass the pro test, the material participation often comes along for the ride.You can elect to aggregate all rental real estate for purposes of measuring material participation under Sec. 1.469-9(g).Your time spent on all your rental properties (STRs don't qualify) counts as one activity, making it easier to materially participate.In order to make a strong case with your CPA and the IRS you need to document your hours.Best practice is an hours log where you are as specific as possible.