Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

My bet on the next twist is the death turning out not to be natural causes.

Income reserves in excess of 6 months living expenses, no consumer debts, leveraged mortgages with no payment coming out of pocket.

@Tyler Bushey nice try, those of us with oil are often a mile or miles from natural gas and propane is $$$ and even if you had gas if  you have one boiler it doesn't solve the problem. 

Have a robust cash reserve to handle unexpected vacancies, repairs, or market shifts.Good luck, and I’m excited to hear how your journey progresses!

Do not think you can just start an investment company with 15k (that is reserves only on one property).Work for the next couple of years while you all learn and use your skills to help build the foundation of a future company and leverage your relationship with the alumni to see some of his properties and learn.

LIke she will talk to her client  ( Hey client i just found the home your going to buy) Not ask them what they think you have to be able to actually sell and this is a skill that some have naturally but it can be taught and boy it can be tough to teach as many just don t have the personality.

Now this might be controversial and some people may disagree with me (even some of my coworkers here at BiggerPockets may have a different opinion which I completely welcome), but I really don't think you should invest OOS in this current macro environment with less than $100k (down payment + reserves).

(I don’t do STR deals so my comments are more about long term buy and hold residential RE.)Data by its nature is historical - it’s a lagging indicator. 4 years ago the Southeast was the place to be.

. 🧐  My son is a natural entrepreneur.