Don’t be one of them.There were different ways that potential buyers wasted my time.

Having a judge or jury decide the case is considered something like going to the casino from what I've been told by attorneys.That is the risk to the landlord in having a bad PM that does people wrong.

I created an electronic google doc time tracker: Time LogContemporaneous time log of rental real estate activitiesActivity DescriptionTenant recruitmentTenant screeningNegotiating and executing leasesOverseeing repairs and maintenanceCommunications with tenants and vendorsTravel timeResearch for potential rental real estate (pub 925)Acquiring rental real estate (pub 925)Paperwork/bookkeeping/bankingResearch and purchase of materialsRent collectionEvictionOn-site cleaningBill paymentOther:Time SpentDateMM/DD/YYYYSubmit

.), appliances, carpet, and furniture used for residential real estate.7-year Property: Office furniture and fixtures (desks, filing cabinets, safes)15-year Property: Certain improvements made directly to land or added to it (such as shrubbery, fences, roads, sidewalks, and bridges)There are multiple approaches to cost segregation studies including the Detailed Cost Approach, Detailed Cost Estimate Approach, Survey Approach, Residual Estimation Approach and Sampling Approach.If you feel like you or your business could benefit from a cost segregation study, first speak with your accountant to see if the tax savings outweigh the potential costs.

As new vacation rental owners I think our biggest concerns are liability and the potential of loosing everything to a hurricane.

Their attorney was already preparing to file a lawsuit, meaning any purchase of this loan would immediately become a legal battle.To make matters worse, the seller was trying to structure the contract with no reps and certs, which meant if we had proceeded, we would have taken on the full risk with no recourse.

Its just the risk people take when they work for any other company other than themselves..

For example, someone may want to be able to exit their position relatively quickly (maybe more inclined to SFH Build-to-Sell) and someone else may be happy with a longer investment horizon to prioritize cash flow and long term appreciation (maybe more inclined toward LTR or STR).Sounds like a project with good potential!

In Collin County, consider properties with strong appreciation potential in areas like Plano or Frisco.

Regardless of your approach, forming an LLC is the smartest choice for protecting yourself from potential liability caused by the numerous tenants you will be hosting in your property.