By creating a process, you can prevent these issues from taking place and save yourself a lot of time, trouble, and money.

Each state might have different process.  

@Jaycee Greene I see, I would still love to stay connected as well given I plan on executing the BRRRR strategy on the MF units  I plan to acquire this year. 

. :)We definitely want to invest in true vacation rentals as well but this will be a good learning process with not as much risk to start.  

Warning:If you depreciate a property down near zero and then have to sell your property at a loss during a situation of distress...You could end up giving all the proceeds to the bank AND owe the IRS a big chunk of money for recapture.Long-term tax planning with real estate needs to be coupled with risk management and making sure you don't lose any properties.

Where would you start with a process like this. 

Purchase price: $400,000 Cash invested: $20,000 Sale price: $620,000 Bought near a private university with the plan to live in it before renting it out.

Are you planning to build, hold, or flip the land?

-My fiancée and I are planning on having our first kid by the beginning of 2026, so extra room would be ideal as we are somewhat limited in the primary residence. 

Since getting started we have learned a lot and have built quite a few systems and processes to increase efficiency and maintain consistency within our business.