My hope is that the clientele we bring in won't completely trash the place but I realize that is just wishful thinking and that people, regardless of income/ what they are willing to pay, can behave like animals (I was in the auto industry before becoming an attorney and the things I saw walking trades will forever haunt me). 

At $1250/unit/mo and 24 units, we're looking at gross income of $360K.

I use Excell to keep up with income and expenses and any repairs or improvements. 

With 150 people I received a $3K/month passive income.

I manage over 100 STR and MTR properties (STR is not allowed currently for ADU's, but MTR is, and great way to maximize the income, unless you're using it for family or office purposes.)I recently constructed an ADU in the backyard of a property within the city from a detached garage.

What Ive come across lately, though, is a lot of new investors who want to get in the game, but don't have the discretionary income needed to properly manage negative cashflow.

Don’t let the tenant have a little Social security or part time job income…that makes these amounts even more!

The goal is to make sure you have high income, good credit score and enough assests and reserves to keep moving towards the next deal and dont max out on your first deal meaning do not max out your debt to income ratio as it can affect your borrowing power to acquire the next one.

They can provide insights into whether locking in a new rate now could be advantageous or if other financial strategies could make holding the property more viable.Additionally, consider the overall financial picture, including your ability to cover the mortgage without the rental income covering all expenses.

To do so, you'll have several different types of tax consequences to consider: property, income, gift, etc.There are several considerations that can go into the analysis of whether you need an LLC or whether a large insurance policy will suffice.