Self-managing from out of state has been doable, but the challenges have added up, and I’ve realized I’ve missed things that could have been avoided with closer oversight.If you’re just starting and don’t already have a strong local network, I’d advise against self-management from out of state.

It brought in 120k last year, but I think we can bring in much more as we do upgrades including adding an extra story on top and as we run it as a bed and breakfast.  

Putting in a ramp, adding grab bars in bathroom, raising the sink height, etc.  

(Previous rent was $1,300 but we're about to put in a brand new kitchen from the studs, new flooring throughout the house, new furance, adding A/C, etc).So do we just pay for it all upfront and mostly drain all of our savings, or do I let the rent pay for it and utilize our other savings to get a second property this spring/summer to increase our cashflow? 

However, having an experienced real estate agent or investor in your network analyze comps adds an extra layer of confidence.If you’re focusing on specific markets and ever want to discuss analyzing deals or strategies, feel free to connect, Our firm would love to help you! 

I added a clause in their lease that makes them responsible for weed and trash within ten feet of their space.

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain.

My understanding is profit from lending is considered "taxable income" and is therefore added to your income and subject to your normal tax rate after all deductions, etc.

Adding a 1/2 bath, new roof, central air or other typical improvements will increase the value of the property. 

You already live on the property and would be adding three more unrelated people, which is not allowed.Here's a link to the actual code:https://online.encodeplus.com/regs/orem-ut/doc-view.aspx?