Joining BiggerPockets is a fantastic first step – it’s where so many great real estate journeys start.

The necessary steps to follow would be that a claim is filed by the insured via a call to the insurance claims department and then an investigation would be conducted by an insurance claims adjuster who would then make a decision as to whether the claim would be paid or not.”My potential liability is further increased by my decision of not putting the property under an LLC when I bought it.What about don’t remedy it and leave it vacant?

When i was younger I used to help her with renovations on some of these properties.I asked her about 2 years ago why she never went multifamily and she said that she was afraid of stepping out of her comfort zone and wanted to stick with what she had known and done forever.

Wish you the best.If I was you, first step is evaluating costs associated with doing MTR and comparing with potential rental income to see if it makes sense to do LTR or MTR.

@Michael Challenger glad you are making the BIG step and starting your 1st flip.

Hey @Josh Lansberry congrats on taking a first step!

While I’m not an expert on the legal aspects of posting here, I do have years of experience coaching students in real estate sales and investing.For anyone getting started in real estate, I always emphasize the importance of focusing on key steps before committing to a deal.

but selling a trophy asset in a great area and then dumping the proceeds into money pits just because of paper math... would not be my step 1.hope this helps

Quote from @Kody Smith: without getting too deep into my finances, what my strategy is...1. take loans to buy properties (leverage)2. fix/flip for day to day cash flow income3. use some of the fix/flip income to buy consistent cash flow through:- business acquisition, - commercial properties (MF and store fronts),I have no intention of doing ALL of the management myself, I will hire management as needed (medium term goal)my expected core role is money provider, evaluating the numbers, making decisions, and connecting with investors, wholesalers, lenders, contractors, and property owners.while I am just on step 2 of the journey, I am looking toward step 3 to stabilize, and not worry about if house prices drop mid project or not (or not worry as much) So to be fair this is more about obtaining and growing a real estate business not simply buying rentals for cashflow.

To determine price range, the first step is always figuring our how much you are pre-approved for; and that can vary significantly when you are looking at multi-unit properties because of the additional variable of rental income that can be included in qualifying.