If you go to your mortgage lender and tell them you o not want to owner occupy, they will charge you a higher interest rate because the loan is more risky.What I am trying to tell you is that if you have a mortgage and you decide to no longer owner occupy the property, you need to let the lender know, or they could assume you are trying to commit mortgage fraud.

You need to make sure you have proper insurance (E&O and Liability).

Rent-o-meter isn't too bad either (at least in the area of Wilmington where I invest).

Now i own a primary residence and have a run-o'-the-mill homeowners policy, but i wasn't 100% sure about what 'typical' policies and coverage were obtained for rental homes.My wife was trying to get a quote online yesterday and the house valuation to rebuild came in at like $204k, but the ARV for the area is no more than $140k.  

Now I see the value of a tank sweep and title search, but, doesn't a Home inspection before you purchase your flip open you up to potential problems that were never reported and you could've quietly handled inexpensively, on your own timeline, in your own way and still make the property safe and sound for the final C/O inspection?

Originally posted by @Karen O.

Here are some of the more memorable things I've had to do with STRs and tenants:Call PD when I saw an intruder in a house with a security camera.Call PD when I found a sleeping intruder in a house w/o a security cam.Call EMS when I found a tenant unresponsive in O/D state.Call PD when they found one of my tenants who had deceased by some railroad tracks and they needed next of kin.Buy a 1 way bus ticket for a tenant to get home, Kansas to Georgia.Numerous flat tire repairs, jump starts, and lockouts.The rest is pretty boring.

I have an investor who used to own a 100 unit property, sold it, and now exclusively invests as a passive investor alongside the GP (experts), he gets most of the benefits w/o any hassles.

o

Heidi,As far as paying cash for a property, you can do a simple analysis to decide what is better:ROI= (Annual Cash Flow + Annual Appreciation) / InvestmentROE= (Annual Cash Flow + Annual Appreciation) / Purchase PriceEx:$100k House (If Financed, 75% LTV)CF: $3k/yr w/ LoanCF: $12k/yr w/o LoanAppreciation: 3% = $3000ROI = ($3000 + $3000) / $25,000 = 24%ROE = ($12,000 + $3,000) / $100,000 = 15%ROI has a better return in this case, and you also have $75k to go do this three more times.