But if you or even someone you hire were to violate collections laws, licensing laws, securities laws, or bankruptcy laws, you could be fined (or sued) for much more than the investment principle.

I have to close, apply for a conditional use verification, get inspection ( requiring wired smoke detectors, other safety features) and get a business license.

Laws seem to be loosening up all the time.I get your point about less things to fix assuming someone is using them.

•Do you have a safety net to weather potential slowdowns or unforeseen issues if you choose to BRRRR?

Laws are now passed that prevent you from renting to yourself and claiming all the losses.

Finding good deals is nearly impossible with the prices, tenant laws, and taxes working against us.Since you’re considering the Midwest, I’d definitely suggest keeping Detroit on your radar.

IDEALLY, we would like to find a property that has or is capable of being converted into a “mother in law”, “ADU”, “Casita”, or any other separate living quarters in which we could rent out the main portion to a tenant (short term or long term) and then use the separate space as our own for when we come and go with business.

If that's not an option than you'll have to close and serve notice yourself and abide by your local laws.

You should check out Larry Andelsman of Andelsman Law in NYC.

The owner of the property I purchased is litigious in that they have filed a number of frivolous law suits in reference to the property.