Greetings BP family, I have just recently had my eyes opened to the real estate world and I am looking to create generational wealth for those long after me to come.

My husband and I own and operate a property management company in Alabama.

Cap Rate is based on yearly Net Operating Income (NOI).

There is a startup called RentBerry that operates as a rent auction, you might want to look into it.No issue with fair housing - there is no protected class you are discriminating against by running an auction.

Last but not least, if I buy the business and operate as an absentee owner (not involved in daily operation), is a license still required?

Dave Lindahl is able to generate tremendous interest with his annual event and allows you to do whatever you're looking to do.

It operates now as a luncheonette/delicatessen.

I wanted property manager since I thought he/she will operate the property during permit inspection, ongoing maintenance, rent collection, finding tenants & oversee property follow local rules and laws (as I'm out of state investor).But now I understand I've set the bar too high.

Doing that you'd be able to generate roughly $4,000 in rent per month utilizing that $50k.

@Russell Brazil  Understood that capex is not an operating expense so technically it should not be included in NOI, I just prefer underwriting it like that to make sure I'm not over valuing a property when looking at it from a cap rate perspective.