Unless you are going for a specific look, there’s no reason for an expensive toilet.

I live in Seaford, NY and have been searching for areas outside of LI to do my next deal.

Anyone can live anywhere they want if they have the money, and sometimes houses are bought and then rented out without much background checking on the people moving in.

However what happens when the tenant vacates and now the unit has to be turned over/takes a few months to find a new tenant and during that same period of time the sewer line goes and you get hit with that $15,000 cap ex expense in addition to the vacancy and turn over costs.

@John Kirtley Most of the Charleston beaches have become too expensive to cash flow.

One caveat to this strategy is that you can’t live in a property that your IRA owns, nor can you rent it out to anyone else who may be considered a disqualified person like your spouse or child.Feel free to connect with me and send me a direct message if you want to learn more!

Eric,Without going into too much detail on each line item, at first I use my back of the napkin method with a 40-50% expense ratio.

I have NOT placed much research into it but from what I have read their fee structure is expensive. 

The only exception is for on-site managers, like you'd find living in one unit of an apartment building and managing the building on behalf of the owner.

@Hudson Filippi What part of Northern MN do you live in now?