@Ryan YuWhen you refinance a property, you’re essentially taking a loan against the equity in that property.

Quote from @Chris Kittle: Quote from @Trevor Finn: Hi @Chris Kittle,Your list covers the essentials!

So the seller is essentially saying the tenant is paying 25 days late each month with their permission.

For that year 12k essentially increasing your taxesThen the rental 3 (Negative 15k) is carried over since over 150 AGISo it actually looks like the rentals had a 12k profit overall that year when it was more -3kAppreciate any guidance@John Davey to avoid any confusion for other investors that might be reading this post and @Austin Cheatham response. 

They provide essentially all the tools under one roof for you. 

Gov. mandates, laws, regulations, these are tools to control WHAT the product/service is, think safety focused. mandating no lead in toys, or fall-arrest gear for roofers, things like that, THAT is where it works. 

Lots of good advice above- I think an active, professional network of pros that know and trust each other is essential.

Essentially there are investors out there that can build a large enough portfolio with little debt that can cash flow enough for a great life.If you want to scale to many properties then you will want to consider leveraging your existing properties.

Cosmetic repairs that don’t pose health or safety concerns are typically optional.Then be very transparent and communicate thoroughly to the tenant, as to provide a professional explanation for your decision forward. 

For rehab work, especially if you're tackling kitchens, baths, and landscaping, a few essential power tools come in handy.