I know some might disagree.The challenge is if someone applies and meets all your criteria and you reject them, I would hate for you to end up in some legal hot water.

If you go over budget or bit off more than you are equipped to handle what do you doManaging the timeline - So you've purchased a home that seems like a valid investment opportunity.

Q has handled it manfully, with gratitude (“it could always be worse”) and attitude.

It sounds like you navigated the challenges well and gained valuable lessons for your next venture.

With that in mind, I’m considering purchasing four rental units over the next four years to build a stream of income that could help supplement my retirement by age 68.The challenge I’m facing is that the deals I’ve come across so far don’t make financial sense.

to see if you like it and can learn/handle the require underwriting. - contact @Jay Hinrichs about this, pay him if necessary, as he's been doing for 25+ years.Good luck!

I would think you should approach some local banks and see how they will handle your situation.

Also, the whole point of hiring a PM is to handle tenant, maintenance, and rent collection, so if your partner isn’t actively managing but just supervising the PM, IMO not worth having a two people essentially looking over the same tasks.Contributing financially for one person and the other having no financial stake raises decision making questions, such as when to sell, how profits will be distributed, etc.

@James Zobrisky Relying on cash flow to fund future acquisitions is a challenging proposition.

Would any of you recommend a certain site that specifically handles formation of LLC for rental property?