10) Knowing what to do if tenant is late on rent or doesn't pay.There's a lot more, but many here on BP self-manage and learn via "trial by fire".Of course, you can always hire a Property Management Company to handle it for you.

They are a corporate housing company.

When I tried to get it when my side of the family found out and tried tp take over reverse mortgage payments to bank because she had died it was to late so they sold the house to Hud and then other reverse mortgage companies but a relative still lives there so they can't kick them out.

Hi Jon from Boyertown, PA-You and your fiancé are interested in buying your first short-term rental and wonder profitable areas to purchase with a budget up to $500,000.I would look at places along the west coast of Michigan, Grand Rapids, Kalamazoo, and near Ann Arbor, MI.It is important to understand the local STR regulations in each community and partner with a property management company that can help your navigate that and manage it well for an excellent guest experience.Don't forget to look into bonus depreciation and doing a cost segregation study to increase the tax benefits of ownership and if you "materially participate" in the management of the property per IRS guidelines it can offset active W-2 income which most real estate cannot.To Your Success!

Hi Benjamin, call three insurance companies and get a quote, start there first.

He usually buys in C neighborhoods and has to do heavy rehab, but he's a construction guy that also runs his own property management company, so it's 2nd nature for him.

But, the seller will never close a sale until the buyer releases that claim and withdraws the affidavit because a new buyer's title company will not issue a title policy and the new buyer's mortgage lender will not make a mortgage loan.Its not worth doing in this case but when real money is involved it is pretty effective.

I have five houses in Memphis area, and the biggest problem has been finding a good property management company. 

Also, be sure to notify your insurance company that while you are still living on the property, you also have tenants. 

Regardless of whether the owner turns a profit, brokers are called up on to sell, lease and manage, lenders will finance, contractors (often affiliated with PM companies will be called upon to put out the constant fires).