@Vanessa Lago - If the debt is collecting interest over 10%, I would pay that off immediately.

For example, if I rolled over $300k from the start, I would have those funds easily available for deals, but meanwhile it would be collecting dust while while I look for a deal, instead of appreciating in my 401k.

.- I don't mind taking it initially but, I don't want to have to collect cash down the line because I don't live near by.

If you collect $3000/mo then you can add at least $150(5%)/mo the following year.

You should purchase this insurance and collect from your tenant.The above ( taxes and insurance) should be paid in estimated monthly installments with a provision to allow you to bill them at the end of the year for adjustments such as an increase in insurance or taxes.

We are collectively purchasing under a newly formed LLC.

As an owner, you will be responsible for the roof, siding, etc. through an assessment fees.Assessment fees are payments the homeowners' association (HOA) collects from owners to cover expenses the HOA is responsible for, but that aren't covered in the regular monthly fees.

I own A 4 plex.. 2bed/ 2 bath washer and dryer no hoa about 7 mins west of Summerlin paid 370k bac kin feb 2019 ( that was considered high compared to the rest of the areas I was looking in ) Put about 15k into it. it appraised for 430k this month collect about $3250/ month in rents. there is still opportunity and good things going on in this market, just might be harder to find. inventory for mfh now is very tight and expensive.

As far as a loan goes, you’re more likely to find financing if the tenants all own their own homes and you are just collecting the lot rent.

Property management involves listing, showing, collecting rents, scheduling repairs, managing tenants, etc.