Of course, many investors bend/break this rule, but that's another risk.2) If your bid wins the foreclosure auction, you then have to deal with getting rid of any occupants - who may steal/damage everything they can in retaliation:(3) You MUST have a great crew on the ground that can minimize surprises - not easy to do on your first deal.Regardless if you buy a foreclosure or other property, read our copy & paste advice below:-----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Hi Fellow investors, I have been using BP to gain insights in real estate investing and have been applying them in my townhome rental units.

If you’d like to continue renting I need to know when you plan to reoccupy the property unless your son would like to apply separately.

@Bryan Cavellier, You can 1031 with any US property including Guam, the USVI and ...drum roll- The Northern Marianas Islands (go figure but I actually had a realtor from there in a class of mine recently) into any other US or one of those territories.  1031 is a federal statute so it's applied the same in all locals with just a few variations state to state at the state level. 

I have resolved to not apply for another personal card, but the Chase points are sure appealing. 

Not just location, but different states can have different (sometimes weird) rules like here in Texas where you need a manual third party "attorney review' on every loan doc set - adds about $100 to each doc cost that doesn't apply in most states

You'll quickly see why AI is not the solution here... not only will it give you a random number from a site that posted it, but it will hallucinate and draw quirky assumptions into the mix like oh based on this % appreciation and applying it forward/backward, etc.

Its risky but risk can be mitigated.In case anyone is wondering how this applies to real estate, my goal is to raise 100k for my dream of building a short to mid term rental on land I have already purchased in Northeastern IL in the style of FLW usonian homes.Cheers folks!

All the water from the crown of the road floods onto my property and I was informed its illegal to discharge water onto anothers property and that the engineers could apply pressure to the city to have curb and gutter installed.

Usually only commercial properties with established operational expenses histories are evaluated by cap rates and then those cap rates can also be applied to buildings in certain areas representing higher or lower risk areas.