Safety concern since it hit me in the face when I opened it. $2007 - Interior RoomsRecommend connected smoke alarms in each bedroom, adjacent hallway or room, and at furnace.

. $ 2,071.00 $ 2,112.42 $ 2,154.67 $ 2,197.76 $ 2,241.72 Property Tax $ 2,682.00 $ 2,735.64 $ 2,790.35 $ 2,846.16 $ 2,903.08 Utilities $ 4,888.00 $ 4,985.76 $ 5,085.48 $ 5,187.18 $ 5,290.93 Total Expenses $ 9,641.00 $ 9,833.82 $ 10,030.50 $ 10,231.11 $ 10,435.73 Housing Cost Investor Payout$2,800.02 $2,800.02 $2,800.02 Mortgage $ 18,350.40 $ 18,350.40 $ 18,350.40 $ 20,940.72 $ 20,940.72 CMHC Fees $ 734.02 $ 734.02 $ 734.02 $ 837.63 $ 837.63 Total Housing$21,884.43 $21,884.43 $21,884.43 $21,778.35 $21,778.35 Sub-Net Income $ 10,474.57 $ 10,281.75 $ 10,085.07 $ 11,670.54 $ 11,465.92 Safety Net Vacancy Rate$2,100.00 $2,100.00 $2,100.00 $2,184.00 $2,184.00 Management$3,360.00 $3,360.00 $3,360.00 $3,494.40 $3,494.40 Cap Ex.$2,940.00 $2,940.00 $2,940.00 $3,057.60 $3,057.60 Maintenance$2,100.00 $2,100.00 $2,100.00 $2,184.00 $2,184.00 Total Safety Net$10,500.00 $10,500.00 $10,500.00 $10,920.00 $10,920.00 Net Income $ (25.43) $ (218.25) $ (414.93) $ 750.54 $ 545.92  Balance Sheet – 5 Yr Projection (CAD)Year 1Assets Liabilities Cash $ 5,000.00 Notes Payable $ 279,086.03 Prepaid Ins $ 2,100.00 Interest $ 2,800.02 Capital $ 10,500.00 Taxes $ 1,800.00 Notes Payable II $ 20,000.00 Building $ 260,000.00 Land $ 30,000.00 Total Liabilities $ 303,686.05 Owner's Equity Retained Earnings $ 10,500.00 Mortgage Equity $ 6,913.97 Equity $ (13,500.02) Total Equity$3,913.95 Total Assets $ 307,600.00 Total Liabilities & Equity $ 307,600.00 Year 2Assets Liabilities Cash $ 5,000.00 Notes Payable $ 271,869.74 Prepaid Ins $ 2,112.42 Interest $ 2,800.02 Capital $ 21,000.00 Taxes $ 2,735.64 Notes Payable II $ 20,000.00 Building $ 260,000.00 Land $ 30,000.00 Total Liabilities $ 297,405.40 Owner's Equity Retained Earnings $ 21,000.00 Mortgage Equity $ 14,130.26 Equity $ (14,423.24) Total Equity$20,707.02 Total Assets $ 318,112.42 Total Liabilities & Equity $ 318,112.42  Year 3Assets Liabilities Cash $ 5,000.00 Notes Payable $ 264,370.28 Prepaid Ins $ 2,154.67 Interest $ 2,800.02 Capital $ 31,500.00 Taxes $ 2,790.35 Notes Payable II $ 20,000.00 Building $ 260,000.00 Land $ 30,000.00 Total Liabilities $ 289,960.65 Owner's Equity Retained Earnings $ 31,500.00 Mortgage Equity $ 21,629.72 Equity $ (14,020.77) Dividend $ (414.93)Total Equity$38,694.02 Total Assets $ 328,654.67 Total Liabilities & Equity $ 328,654.67 Year 4Assets Liabilities Cash $ 5,000.00 Notes Payable $ 276,343.14 Prepaid Ins $ 2,197.76 Taxes $ 2,846.16 Capital$42,420.00 Building $ 260,000.00 Land $ 30,000.00 Total Liabilities $ 279,189.30 Owner's Equity Retained Earnings $ 42,511.93 Mortgage Equity $ 9,656.86 Equity $ 8,167.75 Dividend $ 91.93 Total Equity$60,428.46 Total Assets $ 339,617.76 Total Liabilities & Equity $ 339,617.76  Year 5Assets Liabilities Cash $ 5,000.00 Notes Payable $ 266,277.70 Prepaid Ins $ 2,241.72 Taxes $ 2,903.08 Capital$53,340.00 Building $ 260,000.00 Land $ 30,000.00 Total Liabilities $ 269,180.78 Owner's Equity Retained Earnings$53,340.00 Mortgage Equity $ 19,722.30 Equity $ 7,792.71 Dividend $ 545.92 Total Equity$81,400.93 Total Assets $ 350,581.72 Total Liabilities & Equity $ 350,581.72  Why Symptom Estate?

I would prioritize finding an accountant who specializes in real estate taxation over one that is local.There are 20+ accountants on this message board who specialize in real estate taxation.

The ONLY time they should ever open up is to prevent your enormous tank of water from becoming a missile, and if that’s the case, then there’s safety concerns and you may as well just replace the tank rather than try to milk it for a while longer.

I'm happy to connect you. (2) An architect is a good idea, however, to ensure you're goal can be met and identify what's needed for zoning compliance, check the local zoning department. https://detroitmi.gov/departments/buildings-safety-engineering-and-environmental-department/bseed-divisions/zoning-special-land-use(3) I recommend having an NDA/NCND between you and ALL parties you conduct business with regarding investing.

I would prioritize finding an accountant who specializes in real estate taxation over one that is local.There are 20+ accountants on this message board who specialize in real estate taxation.

Will you install Ring for their safety?

.• Provide guests with copies of local laws regarding noise, fire and safety, as well as a map showing the boundary lines of neighboring properties.• Correct compliance issues within 24 hours of notification by the town.• Register with Ulster County for inclusion on a list of rental properties.• Post a safety/egress plan in a visible location inside the building and on the back of each bedroom door.• Provide the town Building Department with contact information for rental properties that are not owner-occupied.The new policy also states that short-term rental “homes” will be limited to renting out two bedrooms at a time, with no more than two guests per bedroom; while short-term rental “establishments” can have up to five bedrooms available, also with no more than two guests per room.Also, short-term rental sites that are nor owner-occupied will be required to have a designated person who lives within 10 miles who is “available to promptly deal with emergencies” and compliance issues.The Town Board has yet to set a limit on how many short-term rental properties can operate in Woodstock and has not yet established any fees that short-term rental operators could be required to pay.

I would prioritize finding an accountant who specializes in real estate taxation over one that is local.There are 20+ accountants on this message board who specialize in real estate taxation.

My wife is hell-bent on tile, but that is more costly and I'm concerned about maintenance and safety (especially in the bathrooms and kitchen...urine stained grout and cracked tiles where tenants drop their cast iron pan on the floor...eeek + slippery when wet!).