Send a document once and ensure it includes a deadline for their response and a consequence for failing to respond.

Including a self-canceling clause in the note ensures the balance is forgiven upon the parent’s death.

So if you move your IRA assets to 401k, including both rentals - you can finance them in the 401k and be exempt from UBIT.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

The main differences (besides rates/underwriting guidelines) is what you can include in your renovation costs.

Avoid any self-help eviction tactics like changing locks.Maintenance: As a landlord, you’re responsible for ensuring the property meets basic health and safety standards, including working plumbing, heating, and electrical systems.Inspections: While there are no mandatory inspections required before renting, your property should comply with building codes.

I have only 3 doors that I manage so not a big time player so wanted to start with some cheaper software and I heard on the podcasts that RentRedi was included in my pro membership so I signed up.  

So far, my normal guy has quoted me $15,000 for labor, trash and debris removal and equipment rental (no materials included).

Updates include a new septic system, wall-hung boiler with radiant heat, and a remodeled kitchen with new appliances and an island.

Between a 1031 Exchange, HELOCs, and a partnership, I'm up to 15 doors including my personal residence.