Quote from @Chris Watson: While I agree with 2 and 4, I respectfully disagree with 1, 3 and 5.

@Marc Shin You need to provide the location of the property.Mechanics liens laws are state-specific with respect to contract and notice requirements, license status, dollar amount thresholds, and especially TIMING.

Most of the time, you can purchase a property with tenants already in place, but the leases often need to expire within a certain timeframe—usually around three months—so you can establish owner occupancy.

For instance, the latest regulation in my state starts: "830 CMR 64G.1.1 repeals and replaces the regulation formerly titled as "Establishments Subject to the Room Occupancy Excise" and reflects the statutory changes enacted by St. 2018, c. 337 and St. 2019, c. 5."

With the right agent, you'll learn how to run the numbers and establish a network of lenders, investors, other agents, contractors... 

In return, we ensure the tenants treat the property as their own and respect the space they live in.

They know the rent is due and they’ll just respect you less and reinforce their believe you’re a weak landlord they can walk over. 

Now it’s probably the Midwest,But my the time you get to the Midwest and establish a footprint and “street credibility” with the brokers and sellers another market may be strong.If you are going to invest out of area, you will need to spend “face to face” “boots on the ground time” there.

You can - 1) establish a trust for asset protection, 2) utilize the Homestead Exemption for property protection, 3) consider tenancy by the entirety for marital property (this might just be applicable to California, my home state)4) make sure you have adequate liability insurance for additional protection, 5) think about forming a business entity to shield assets, 6) and have proper estate planning for asset distribution.Seek tax and legal advice from experts in your state.

And therefore competition among tenants can create significant challenges, like...Businesses may struggle to establish a unique presence and loyal customer base, and a lack of profitability due to nearby competition will likely lead to higher tenant turnover.