I would advise anyone seriously considering buying a laundromat to bring in a technician to do due diligence with you.

Like any financing strategy, due diligence and proper financial planning are key to making it a successful solution for both parties.

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Look into local tax incentives and financing options, and reach out to local real estate groups or mentors to better understand the market.Good luck!

I have two HML that are years past due (250k each).

There are auctions to sell cars, police auctions, tax impounded auctions, antique auctions, etc.

Credit is a factor as bad credit may limit options, or may have the lender require you to put 10 or 20 years of taxes and insurance into escrow. 

So, if you have 10 units and you are going to pay $1,500 a month and you are working on an active income job, too, this is an easy switch due to the labor mentally and physically (even if it is just phone calls) to get these rentals running as a well-oiled machine.  

Mostly due to the fact my spouse and I agreed on her to have zero involvment in any sort of RE investing (and its our home) I think once you have a good 6-12 months of reserve cash (operating expenses for your own life saved as a back up incase things go bad) save enough liquidity to get the ball rolling on your first invesment.

For tax purposes, rental income is generally recognized in the year you receive it, not when it is paid.