It’s wise to start with breaking even and ensure you're comfortable with the costs involved.Happy to connect if you'd like to discuss more!

Assuming plans are needed to secure a permit.

-How are arrears handled, how do you ensure once arrears are caught up that seller doesn't walk on you. - Can you do subto with a lein on property.

Work with a knowledgeable SDIRA custodian to ensure compliance with regulation.This post does not create a CPA-Client relationship.

A more realistic expectation is 24 hours which will ensure we can arrange any repairs or corrections with a team, handle it in person, etc. be curious how this plays out as I worked for local developer for a while and developed several properties in Alexandria (Specifically old town) and while the city is challenging like any city - they were mostly realistic.

Keep detailed records of repairs, improvements, and rental income, and consider working with a CPA specializing in real estate to ensure you're taking full advantage of deductions and strategies like passive losses, home office deductions, or even the Qualified Business Income deduction if applicable.Good luck!

(Social security, pension, 401k, etc)It is hard to retire on $350,000 of net worth.Even if that is generating 10% cash flow, you are talking maybe $35,000 which is $17,500 for each person.I personally like the idea of seller financing a home at that point, potentially exclude the gain on sale if it was their personal residence and get a nice interest return.If the house is big, it also allows them to downsize the home when they look for something to rent.

Hey Cecil, if you have the capital to operate locally, and it fits your goals to do so, I highly recommend doing that.Congrats on securing your primary though.

On 12/19/2024, we sold it for $99,000, securing a great return.

This could mean either spending at least 500 hours actively involved in the property or ensuring your involvement exceeds that of anyone else, such as a property manager.