Consider starting with house hacking to reduce housing costs while learning property management, or explore mid-term and short-term rentals for steady or higher income.

What goals do you have set for this year?

In the spirit of Goal Setting, here are my top 5 Tips for ensuring you set goals with the highest probability of success. 1.

It’s a little more work to set up, but if you get a solid property manager, it’s not as scary as it sounds.If I were you, I’d keep digging into the Capitol region, NJ, and CT—compare the numbers, and maybe even start building connections with agents or wholesalers in those areas.

One thing to consider on the credit card option is that a lot of contractors don’t accept them so that could be an issue.

You also might want to consider remote thermostats in case one tenant wants freezing AC and the others don't.

There are other downsides that need to be added to this list, both related to resident psychology.When a resident has a security deposit, they consider that to be their cash and they don't want to lose it. 

Remember you will also need help with set up, hosting and cleaners. 

I am trusting you have it set up with a service. 

Set clear and consistent application requirements so you can base your decisions on solid facts.