Like do some cleaning job, contacting maintenance people, knowing how to pay water bills etc. these are all the basic work when you become a landlord and you need to know how to manage your property first.

11DefineConsult an interior designer12PlanCreate project plan (timelines, key dates, who to contact)13PlanCreate budget and brainstorm financing options14PlanSecure financing15BuildGet permits and licenseses16BuildGet water/electricity/power hookups set up17BuildPrepare for build (e.g. lay foundation)18BuildBuy structure19BuildBuild and remodel structure (insulation, electric, siding, etc.)20BuildBuild out interior design (e.g. paint, decorate, etc.) and buy appliances/decor21BuildBuild out lawn and landscape22BuildFinalize the exterior of the building (e.g. paint and fixtures)23MarketTake photos24MarketCreate listing25MarketCreate websiteThanks!

Starting with a smaller property to gain experience is a wise strategy, and using property management services can help you manage the day-to-day operations.

Please hire a property manager. 

As an LO workin with investors you constantly network with wholesalers or other investors with deals they can't manage. 

2) Do you manage the property yourself or use a management company? 

Hi Carlos.Property Management is divided into a couple of areas though people often refer to it as "property management". 

Additionally, prepare financial projections, including cash flow forecasts and ROI calculations.

We have access to personal capital through equity and recently offered on a boutique motel that we were going to manage initially, but couldn't come to agreement with the sellers. 

Rates for DSCR on a purchase today with good FICO should be in the low 7s so just run Market Rent Divided by estimated PITI and if you're above 1.0 then you don't need to worry about the appraiser's opinion of that basement (my gut says appraisal gives no credit to projected rent out of the unfinished basement... but perhaps it doesn't matter?)