Working to systemize this business to run efficiently with future limited supervision to then take the cashflow/profits to continue investing in building our long term rental portfolio as well as invest in other business endeavors.

Feel free to inquire about their staff qualifications if it's a larger organization.2.

I agree with Collin.At the very least, you need 2nd home, "vacation rental" insurance.

I created an electronic google doc time tracker: Time LogContemporaneous time log of rental real estate activitiesActivity DescriptionTenant recruitmentTenant screeningNegotiating and executing leasesOverseeing repairs and maintenanceCommunications with tenants and vendorsTravel timeResearch for potential rental real estate (pub 925)Acquiring rental real estate (pub 925)Paperwork/bookkeeping/bankingResearch and purchase of materialsRent collectionEvictionOn-site cleaningBill paymentOther:Time SpentDateMM/DD/YYYYSubmit

Quote from @Kisaki Nicole Kaopua: I would run the numbers on that HELOC and and the rental numbers too.

Does anyone own rental properties in Detroit?

There is a reason why I buy properties that cost a multiple of what typical cheap rental properties are going for.

It is the reasonable rental value without the new improvements, because the tax sale investor did nothing to add value regarding the improvements. 

Hi everyone, when meeting with my CPA recently I was instructed by here that if you obtain "Real Estate Professional Status" as per the IRS rules then your rental income become "active" instead of "passive" income in the eyes of the IRS.

would you rent out your property to a problematic tenant who has a good rental history which means always pays on time with a good credit score. i'm in the process of renting out my house