If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

Any pitfalls to avoid or tips for making it a success?

If our agent pays him via checks and bills us at closing, does this have any +ve or -ve impact on the taxes? 

Do a tax loss harvest  4.  

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

How’s it going Johnny, I’d love to connect, Birmingham is my main market and I currently have a 58 property portfolio of tax deed properties that could work for your BRRRR method

You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.4.

I pass all my expenses from insurance and property tax increases off onto my tenants.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

You would need a DSCR if you are self employed and don't have 2 yrs of tax of returns or cannot qualify for a conventional loan.