In other cases, you can take a more firsthand approach.Budgeting—Putting It All TogetherThe more you understand the costs associated with investing in residential real estate, the easier it is to maximize profits.

A couple of thoughts specific to condo investing:1) Be sure to include the condo fees into your cashflow analysis, and budget for potential assessments as projected capital expenses2) Make sure the condo association is solvent - a good litmus test is whether or not the units are approved for FHA financing3) Make sure the condo association rules/regs allow for rentalsGood luck!

There are new laws affecting California transactions in 2024, some of which are very relevant to investors and house flippers.According to the California Association of Realtors, starting July 1, 2024 most 1-4 unit properties that are resold within 18 months (aka flips) must disclose:- repairs, renovations, room additions and structural modifications that were performed by a contractor with whom the seller entered into a contract- the name and any contact info for the contractor for any work over $500- any permits obtainedSo you still can be an HGTV star, just make sure you do it by the book. :)Have any of you flipping in the Los Angeles area been affected by these new disclosures?

These are individuals who are already conditioned to take on greater risk with the hope of a higher reward outcomes and will be attracted to the potential of syndicating real estate deals.Despite the greater risks associated with their current professions, I am sure most if not all are involved in businesses with  greater than a 2-3% success rate.

For your city google real estate investor association <your city>. 

I guarantee that historically the risk associated with sitting the sidelines has impacted at a higher rate than the risk associated with an RE crash.  

If so, what is the process like a condo association from multi tax lots to a single tax lot.

The National Association of Homebuilders confidence index rose 2 points to 43.

They probably think some owners will hide the renter from the association which I could see happening.  

Also, explain how you'll share the acquisition costs, such as the down payment, renovation, and closing costs.Payment Responsibilities: Explain how to divide and pay for regular costs like mortgage, property taxes, insurance, homeowners association fees (if applicable), and upkeep expenses.Management and Maintenance: Agree on how property maintenance, repairs, and improvements will be handled, including decision-making processes, funding for these activities, and responsibilities for performing or managing the work.Single Decision Point: For example, I've seen situations where one person agreed to replace an appliance while another strongly opposed it.