Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

.• I purchased a small 1B/1Ba condominium in a high rise building in 2004 for personal use.• In 2010, I moved out and decided to put in in service as a rental unit.• I was able to keep it well occupied and leased throughout 2024.• I sold the condo unit in late 2024 for a nominal profit.That brings us to today. 

My personal opinion: he's not the only one "doing it right" but he's definitely on the very short list of those that are.Just my .02note: I don't participate in his deals.

It's stronger in court if they do it, nothing personal.

Quote from @John Friendas Quote from @Patrick Roberts: If you are on the note or personally guarantee the debt, then it will affect the liability side of DTI, regardless of whether the lender reports the loan on your personal credit.

We purchased it off market, as-is, and as it was our personal home, we renovated over time.

Quote from @Sharon Bancroft: @Cameron MarmonI had this same situation and my tax accountant filed the change for me ( one time filling) and we now file it on our personal as a disregarded entity.

If someone is walking down the street and trips on your sidewalk or a  walk way whether its a tenant, delivery person or passerby you are the one who gets sued because its premises liability exposure.

It’s usually best to open a separate business checking account so your rental income and expenses stay organized and away from personal funds.

but i also 2nd @Jay Hurst's sentiments - get a 2nd or even 3rd opinion on DTI/ full doc. i personally love files that are puzzles, i get some weird satisfaction out of figuring out how to make it work on full-doc, especially when my client has been told "no" before. if it doesn't work now, a good loan professional will help you create a path forward.