Prior to this, the demand for contractors was so bloated that rehab budgets were getting blown up 20k above what they should be simply due to demand.I do not think that this competitive sprint in the market will last forever.

I owned it prior to my wife and I meeting and when we got married, we decided to keep it and try our hands at being landlords.

HUD told me that one can only manage the building if they have prior experience, so how does anyone ever start?

The only contingency in the contract that I included, other than inspection, was that the prior owners allow me to market and show the home to potential renters.

This was our second buy and hold single family home, our first is a home that I owned prior to our meeting and getting married.

I asked about vacancy rate history/known issues, list of recent upgrades and planned upgrades and wanted to have initiation of prescribed rental increase for all units prior to sale as condition of sale.Are there any other key pieces of info I should ask about?

I ran all the numbers prior using mortgage calculators so we already began seeing properties with a certain budget in mind.

To put some specific numbers against it:Total monthly mortgage payment: $5,000Rental income: $1,750Total monthly taxes: $500I also need to put $10,000 of work (new appliances, etc) into the rental prior to renting it out.

Has anyone ever purchased investment properties prior to buying a primary residence?

As an LP, how should I compare the track record of a sponsor that began with experience in the market prior to the Great Recession and weathered the storm vs a sponsor that spawned post 2012?