Hey Steven - An LLC is a solid choice for structuring your partnership since it offers liability protection and keeps things clean when splitting ownership and profits.

And even if I do not get into the renting business I can make some profit if I decide to sell the property at some point.

Reinvest profits, stay patient, and keep building toward replacing your income.

Without a firm base and working familiarity with these three areas the investor will not have the knowledge to analyze, negotiate and close advantageous real estate transactions. 2- Experience - the first few deals are likely to be smaller, harder, with more “surprises” and not as profitable as the investor imagined.

Yes when I looked at my pretax overall profit in the flip it was really close to my pretax salary for the same amount of time.

Did you buy "points" to reduce the rate margin?

I know that it eats into profits but it is something to consider for at least your first rental.

STR's can be very profitable in certain areas of the state, and rental demand is growing rapidly.

Petersburg area, resulting in highly–profitable investments.If you need professional and courteous property management experts for your multifamily, single family, condominiums or town home, you've found the right company!

If I add up all the lender fees and my holding costs—like points, origination fees, and interest —I can figure out how much profit I’ll make and what my maximum offer should be.