Before getting started, I’d recommend focusing on three key areas:Strategy Selection – Understand the different investment strategies (BRRRR, short-term rentals, etc.) and determine which aligns best with your goals.Market Research – Study the market you want to invest in, including property values, rental demand, and economic trends.Laying the Foundation – Take proactive steps now that will set you up for success later.

(I have less than ONE request per tenant per year, some nothing in 5 years)There's lots of was to manage your rentals, but being organized is paramount.

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

@Chase AlexanderRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

If I were in your position, I would buy a duplex that has potential for value add, fix it up, live in one unit and rent out the other unit as a medium term rental or long term rental.

Begin by educating yourself through books like The House Hacking Strategy and podcasts like BiggerPockets, and join online communities for support.

To be considered an investor (and possibly get long-term capital gains rates), you’d need to hold the property for over a year as a rental or investment, not actively flip it.Check out the IRS guide on rental real estate and capital gains for more details: IRS Rental Property Tax Guide.You might want to talk to a CPA who specializes in real estate to see if there are any strategies that work for your situation.Good luck on your flip!

Don't be afraid to negotiate, particularly if you have a lot of rentals.4.

@Cyndi Lees the thing that catches my eye in your post is that it would require quite a bit of work to get it started as a rental.

PM companies charge a lot and if you don't have multiple rentals why pay them?