@Chris Mahoo many new investors don't take the time to properly understand RE investing.1) Many are using approaches from 2010-2018 when Class A property prices were so low from the Great RE Crash that an investor could cashflow and get pretty easy Class A tenants to manage.2) If you look at what investors were doing before 2008-2010, most were buying Class B & C rentals.To make it worth while, an investor either needs to Fix & Flip or invest & hold rentals for 10+ years.- Over a 10 year period cashflow will increase as rents increase (rents typically rise faster than property taxes, insurance, etc.)- The property should be appreciating, if purchased in a good location, increasing the owner's equity/wealth.- Rents will be paying the mortgage off, increasing the owner's equity/wealth.- If you hold a rental until death, you can pass it on with a stepped-up cost basis, limiting captial gains if then sold (limited by inheritance tax limitations).Too many newbies on this site trying to replace their day job income via "passive" real estate investing w/o digging deep enough to understand how it really works.

there is a proper in Shasta lake that we might look into to getting as a BRRRR but I need to do some more analysis on it. 

This allows for proper retirement of assets.If a property has already been sold it may still be a good candidate for cost segregation as long as you sold the building and have not filed the tax return.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

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(And I would tell you to not buy a property that doesn't cash flow unless you have significant resources behind you that could absorb anything that could come at you - like replacing a $5,000 AC one month followed by replacing a $1,000 hot water heater the next).   

This reflects continued demand despite economic headwinds*Pending sales increased 3.1% in the metro and decreased 2.2% in Austin proper.

I lend money and would not want to lend on this type of deal.Here are some resources to explore:Contact your local tax authority ASAP!

I live in Lebanon, IL and this property is also in Saint Clair County in Belleville.I plan on managing this at first, but want to build a proper amount into my budget.What would you recommend for budgeting for in terms of good property management in this area?

Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received hereunder will be returned to Buyer and Buyer may recover such damages as may be proper.