if you get into the game now, you’re competing against people whose monthly cost basis is a fraction of yours

Take a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog4.

Remember, they can always refer themselves😊Now, make it a goal to call at least 5-10 of these people EVERY day and ask a MAX OF THREE off the list below of who they know that:Just inherited a homeHad a loved one pass awayIs behind on their mortgage or tax paymentsHas a relative that can’t take care of their house anymoreHas a house they’re having trouble sellingIs facing bankruptcyKnows a probate attorneyKnows a bankruptcy attorneyetcWhy only three off the list per contact?

You’d place in service with the total cost basis on the date on conversion to a STR.

I’d say the security deposit for your Class B building should be a case-by-case basis.

Should I keep a record of what I did and how many hours I spent on the activity every day (and also other)?

I've never had a problem with the seller not moving out personally but it's good to have protections in place if that happens such as a stiff charge for every day that they stay past the lease/PCOA term.

But remember this is not straight forward as the basis of the new property is derived from the adjusted basis of the relinquished property plus any amount you paid.

Take a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog4.

Take a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog4.