(If you are out of state, you may seriously consider using a good property manager because of screening tenants, vandalism, squatting, and various other reasons -- they do protect your investment).

Translation: you helped your client to protect their cheating against the state assessment.I understand that your client, as a result, avoided paying $45k.

This may be needed to protect you from claims later.4.

This owner found a free lease template online that provided very little landlord protections. 

Investing in area you're less familiar with combined with multiday travel can be more costly than spending more in your own market.

Here is my simple Top 5:1.Review the market – Understand the trends and conditions in the area.2.Analyze the property and the numbers – Ensure the deal makes financial sense.3.Visit the property – There’s no substitute for seeing it firsthand.4.Meet the team – Whether it’s your property manager, builder, or contractor, relationships matter.5.Complete inspections and appraisals – These protect you from costly surprises.If all these boxes are checked and the numbers work for your goals, then it’s likely a solid deal.

Finding some sort of value-add aspect or buying at a discount means you either create or walk into equity, which protects you.

On the other hand, pros include increased cash flow, engineer-based data for the clients CPA, audit protection (with the right firm) and the ability to deflect that recapture fee with a 1031 transaction.

In 2008 a friend of mine spend $300,000 to buy 100 houses in Detroit.  

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.