You will be forced to solve problems and get scrappy which will carry through all the next phases.Then, I would see if I could possibly start with an addition, garage build or other small and simple structure for your first ground up -- I started with a 250 sqft master suite addition.

Have you tried different late fee structures or flex rent (allow tenants to pay weekly or biweekly instead of monthly)?

My rule of thumb has been to have a new LLC whenever the ownership structure is different, when I have > 10 doors, or when the total LLC's ownership is > $1,000,000.

In general, if you have a typical condo unit the HOA insurance covers the exterior structure while your insurance covers the "studs in."5.

Quote from @Ian Ippolito: Quote from @Michael Plaks: Quote from @Ian Ippolito: Quote from @Rud Sev: 3) Unless you're doing a 1031 exchange  at the end or similar tax structure to defer taxes, you will have to *pay back* all that depreciation benefit at the end (on sale...which for you is in 5 years)  via depreciation recapture.

I’m curious, what’s the most creative or unconventional strategy you've used to structure a BRRRR or Fix-and-Flip deal?

The 5-4-3-2-1 structure you mentioned is among the most common.

Tenant was acquired with property upon closing(they have lived in their unit for 2+ years with on time payments). Their previous lease includes a portion of storage in the basement with laundry access(also in basement...

To clarify, my focus isn’t on analyzing T-12s for purchasing a property but rather on developing a solid T-12 for managing my property effectively and for use when I eventually sell my investment property in the future.I want to ensure the T-12 I create is both accurate and straightforward, serving as a reliable tool for tracking performance over time and presenting the property’s financials to potential buyers down the road.If you have any advice on key elements to include or how to structure it for these purposes, I’d greatly appreciate your insights.

@Andrew Grimmett If a seller is hesitant due to capital gains taxes, consider creative solutions: suggest an installment sale (seller financing) to spread tax liability over time, a 1031 exchange to defer taxes by reinvesting in another property, or a structured sale for flexible deferred payments.