How did the cash flow work out?

For many, if not most, this is likely to be after a workout, coffee, and around 10:00 AM in the morning on a weekend day or on a vacation day.

Work out a fair revenue-sharing model, such as a flat lease or percentage of profits, and consider hiring a property manager for oversight.This post does not create a CPA-Client relationship.

Find out what rate rents are increasing and expenses are increasing in your area and use that in your underwriting, then work out each year of ownership. 5% rate in 5 years seems ambitious.

So, you’re at someone else’s expertise, decision making, experience, analytical skills, information flow, managerial capacity, oversight, etc.  

So, When one person, the GURU, has a lot of people sending him leads, most don't work out of course, but some do and they are blasted all over the internet.

Your first hire is unlikely to work out though, was you won't have a good hiring system in place. - So, recommend having that first hire document the crap out of what you want them to do.

It seems a traditional sale gobbles up half of it in closing costs.We refinanced early last year, and another refi would cost ~$5k, plus w/ the LTV, I don't think the numbers work out just right.Too bad we were too naive to even consider those offers when they were handed to us.

In some cases, cities may allow you to apply for a variance, particularly if you can demonstrate the property has been used in that capacity for an extended period.Additionally, as suggested, it might be worth consulting with a real estate attorney.

@Denise Brown-Puryear You will find that each one annoys you in some capacity.