Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney.

Also - One "Best Practice" item would be to make sure you notify your losing bidders, just a quick call to explain that you've selected a different contractor for this particular project, you appreciate their time for putting together a bid, and that you hope to work together in the future.

My goal is to develop and supply safe housing solutions and to create passive income and a consistent monthly cash flow.

Practically speaking, what would the first step be?

That being said, I believe it's the Census Bureau that defines MSAs so the only way your guaranteed to get consistent and comparable data is to use their reports and the limited info it contains.

Have your partners get their own attorney to review the document...just smart business practice so that no one accuses another of "hiding something" if a problem ever arises down the road.  

However I haven't found a consistent issue that needs to be addressed.

One thing you'll need to look at is the rent roll (past 3-5 years) to see how consistent tenants have paid.

Practice, practice, practice!

Subscribed to Pro to get more involved and have access to the calculators so I can practice the practicals and analyze deals.