Almost immediately, I sold one of them under article of agreement because after I had it inspected, I quickly realized it would cost way more to fix than it would ever be worth in the next 20 years and the cash flow on it after repair was non existent.

I found a good article taking me through the steps for NJ...https://accidentalrental.com/n...I hope I'm not being naive to think this will be easy.

https://www.washingtonpost.com...This article highlights how millenials are not buying property like their parents did.

I actually just finished writing an article on here that hasn't released yet about this very subject. 

The good news is that if someone has a record and is going to be a problem in the present their credit and/or income to rent ratio probably isn't going to be great either.

Here it is...the year is 2007We are produce farmers FIL sells farm-we have basically zeroHusband under-educated /only job he ever had (46 yo)I took our lives into my own handsTraveled upstate (NY) Bought a house for cash WITHOUT TELLING HIM (425K)Ummmm-where the F am I getting that moneyWent to local mall with my 3 girls-called him from my flip phone to break the news- he fell silent BTWDrove back home (near NYC)Sold my house for 500k to a mansion owner close by (look up GLENMERE MANSION)Got my RE licenseFound my husband a job-he obvi couldn’t use a computer We are still in that houseWe’ve only lived in 2 houses I now buy houses regularly WITHOUT TELLING MY HUSBAND Because that sh*t is funny.

The good news is that you have an established tenant, with a proven record of profitability, and tons of equity. 

And i was currently waiting to hear back from the city about just that...but i also found out from a lender that supposedly i cant get a construction loan for a multi family unit which is news to me...so i guess i have to look for a plan b which is single family home

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.This article goes into a lot of the considerations about whether to form an LLC or not: https://www.mmpph.com/wp-content/uploads/2019/04/May-2019-newsletter.pdfCreating an LLC in California would cost you a minimum tax of $800 every year.

There's an article I posted below on the move-in rate and this has helped the area and home prices have appreciated at a rapid rate.