Now my first property currently has a tenant that is not paying rent, so we started the eviction process.

Past success is a good indicator of future performance. understand the risk if the project takes longer or costs more.

You can still build two separate homes on the same lot, offering investment flexibility.The streamlined approval process is a huge advantage, cutting out the red tape of lengthy public hearings.

Leaving out auction and foreclosure costs for a second, when you write that check for $220k the trustee is going to pay BigBadBank the $175k they are owed first, then he's going to pay LittleBadBank the remaining $45k, and you will get a clean title as the process is going to wipe the slate clean.

Then start analyzing deals so you get comfortable with that process.

Evaluate the situation to see if you could have done anything differently to mitigate the loss and implement changes to your processes, but know that this happens and hoepfully just not too close together. 

I want them to benefit from the success of our ventures and reap the rewards of their trust in me.

If real estate is involved, separating it into its own LLC before the sale can simplify the process and make it easier to leverage a 1031 exchange.This post does not create a CPA-Client relationship.

Developing strong financial and business acumen is also crucial for success as an investor, so that’s another area where you could focus your efforts if getting a license doesn’t align with your plans.I’m here as a resource—feel free to reach out if there’s anything I can do to help!

BUT WAIT, there's more:  Then when I hit submit, I got a message "your payment method has been removed successfully.