Also, both a 401k and a primary residence both assume the economy will not be in a contraction when you go to retire - an assumption that has burned countless many people.I would focus on creating passive income before worrying about a primary residence.

They will also get in the attic & look for water damage, electrical junctions not in a box or even find dead animals that need to be removed.Helps You Create a Scope of WorkNow, an inspector will not tell you what rooms need to be renovated or what finishes to use on your rehab, but they can at least provide a list of recommended repairs to the property.  

So in all cases but one the spread is greater than 3%, and in that case (using higher-interest bridge debt) we plan to refinance into lower cost debt by year 3 which will then create a spread in excess of 3%.Unfortunately buying commercial income property (includes multifamily) requires very sophisticated financial analysis and there are no shortcuts or rules of thumb that will give you the complete picture. 

Do I need a lawyer to help me create and/or review a lease?

I am biased by North Cal markets obviously.4) How do I create a team or build those connections so that I can invest and manage from a remote location?

(Two tenants, bounced checks twice - ugh) I use the method of each tenant gets an invoice created each month, then I accept the payments, create a deposit and record it, and take it to the bank.After a few days the deposit shows up in QB and it gets matched to my deposit in QB.But I just have no clue how to account for these bounced checks since the bank has already matched them up with QB. 

When investing in rentals, from what I have understood, the idea is to use others money to create cash flow for yourself, this is fantastic, but when do you focus more on paying off your units rather than making more deals?

I'm looking to expand and I'm curious on opinions if I should create an LLC or Co. before purchasing my next property.

We did do a lot of the extra's to attract better tenets and create long term resell value.

If you want to be proactive, set up an access panel from the get-go so that when something breaks a plumber isn't rushing around with creating an access point, since you have a panel that was set up at a leisurely pace X years prior (no guarantee that your plumber will be all that great at putting siding back).