@Charlie Miller there are still lenders here in Florida willing to lend on an investment condo, they just typically require an audit of the HOA to show solvency and competency of handling funds.

Some companies require your auto insurance to write the umbrella and there are stand alone umbrella companies usually offered by an independant agent.You may want to buy a liability only policy for your rentals and remove the coverage from your rental properties.

The Income Statement is where you keep track of income and expenses in order to arrive at a Net Profit, following a very specific method in case of an IRS audit so that you claim the correct amount of income and pay the correct amount of taxes.

I'm a tentative in, depending on date and time.

I am looking for additional opportunities, either as the financial partner or an independent rehab, and to learn more as I go.

If you are wholesaling work those leads fully independent of anything you are doing as an agent, other than disclosing that you are licensed.Grey areas I can see are if you get a lot of prospects that won't work as wholesales but would be possible retail listings.

It also gets an independent third party involved reducing the cozyness and allows the you to defer to a "higher authority", the old "higher authority" negotiating angle."

I am a new investor to the real estate business and to this site and I wanted to know if someone could tell me how many multi-units I would need to purchase and rent out to be able to be financially independent and not have to hold a full time job doing something I don't like to do.

All it says is that, on average and across lots of units, long term, about 50% of gross income will be used to pay for expenses, rent loss and capital costs.Whether you will be able to find good deals in your market is completely independent of the 50% Rule.

For example, the declaration should spell out if an annual financial audit is required.