Our loan balance is aprox 580, and our concern is that we are not sure if it makes sense to keep this negatively cash flowing property, since appreciation is not there (and we were not familiar with BiggerPockets when we bought, so a lot of learning happened since).

Our loan balance is aprox 580, and our concern is that we are not sure if it makes sense to keep this negatively cash flowing property, since appreciation is not there (and we were not familiar with BiggerPockets when we bought, so a lot of learning happened since).

Once you have reached or just before reaching the 10 financed property rule, I would set up a SUB S corp and prepare to transfer some of the properties that you have had the mortgage on the longest, or the ones with the smallest balances to the SUB S.

I think we would be interested and willing to have someone we paid a nominal fee each year just to be able to answer a call or a couple of emails.Maybe do an initial consultation and/ or an annual checkup and onboarding to get us set up properly in terms of entities etc. ie does it make sense to create an llc.maybe have an packet available to answer basic questions like dos and donts of fair housing, evictions, Collections, recent law changes,the setup and use of an llc, trusts, wills etcThat way we are initially doing things properly and have built a relationship before we have larger engagements or are paying thousands due to initial poor planning.

If this was a proper development that was done in the recent past (say the past 50 years or so), you probably will find a lot of supporting documents.

I can't think of anything that would not just take more time out of your day and still leave you with the ultimate problem, that being that the walls need to be properly repainted. 

I would refund these upon submission of proper documentation.

Take for example not doing the proper due diligence on your prospective tenant.

Depending on what city you are moving to; $500k may still be within FNMA/FHMLC High balance loan limit.

Failed to collect Property Insurance and Property Tax on my promissory Note now buyer refusing to pay $15,000 delinquency on mortgage that is $709 per month @ 4% with $93,000 balance now pending foreclosure.