Definitely a pitfall to watch out for!

I bought and rehabbed a house, planning to hold as a rental. I have since decided to sell. I have an option to sell on a land contract and I am trying to figure out the tax implications. From what I understand, I will...

It is in a sparsely populated area, but it’s halfway between a city of 300,000 and a popular resort region (think boating).I’m considering converting the warehouses to self storage units as a strategy and want to evaluate my market and this deal.I’d love feedback about what data I need to determine the cap ex costs, market considerations and pitfalls to avoid.Thanks!

Now that I've found BP and gone to local REIA's, I've gotten a different perspective and some key direction to help avoid common pitfalls.

It’s a great intro to rental property management and will help you avoid common pitfalls.

Now I’m not saying Detroit doesn’t have its own separate set of pitfalls as do many cities and some can even be devastating to a novice or even an experienced investor but with a large and awesome boots on the ground support team the city becomes your oyster along with the high positive cash flow as well as the other benefits for you to lavish in.

Listen to the titans, Learn from their thoughts and watch out for the many possible pitfalls spoken of by them and you should be fine.

I assume the major pitfalls are not doing your due diligence and complying with all the rules involved with notifying effected parties, difficulty collecting payment, and cost/time it takes to foreclose if need be.

You can always invest out of state if you really want to get the 2% Rule but that comes with pitfalls as well.

There are a lot of good areas and a few pitfalls to avoid.