Living in the home with my family also ensures that it's in a great area and allows me to make small improvements while living there.How did you find this deal and how did you negotiate it?

You will find the BP community here in Chicago to be super helpful!  

I see that a ledger is provided by the RentRedi softwhere, which is awesome, but I was wondering if anyone had insight in if I need to set up a separate cash journal and if so, what is important to include and how should it be formatted? 

Key Principles:Mindset and Goals:Think Long-Term: Real estate is a long term play in most cases Set Clear Goals: Define your financial goals and how real estate fits into your overall plan.Finding the Right Property:Location, Location, Location: Invest in areas with strong economic fundamentals, good schools, and low crime rates.Cash Flow is King: Look for properties that generate positive cash flow (rental income exceeds expenses).Consider Appreciation: While cash flow is primary, also consider properties in areas with potential for long-term appreciation.Financing:Get Pre-Approved: Get pre-approved for a mortgage before you start looking at properties.Leverage Wisely: Use leverage (debt) to your advantage, but don't overextend yourself.Consider Creative Financing: Explore options like seller financing or partnerships.Building Your Team:Real Estate Agent: Find an experienced agent who specializes in investment properties.Property Manager: Consider hiring a property manager to handle day-to-day operations.Accountant: An accountant can help you with tax planning and financial management.Attorney: Consult an attorney for legal advice and contract reviews.Managing Your Investment:Maintain the Property: Keep your property in good condition to attract and retain quality tenants.Screen Tenants Carefully: Conduct thorough background checks on potential tenants.Review Your Finances Regularly: Track your income and expenses and make adjustments as needed.Example Action Steps:Set Your Goals: Define your financial goals and how real estate will help you achieve them.Educate Yourself: Read books and articles about real estate investing.

Pete) and have narrowed it down to finding a single family home with a pool in the unincorporated Bay Pines area or Indian Rocks Beach (note, it took a long time for me to get over my beach view condo dream in a popular area but HOA fees and restrictions helped!).

Try to find some industry commercial deal Analysis data but most of them are for muti family .

How did you find this deal and how did you negotiate it?

How did you find this deal and how did you negotiate it?

When switching over insurance,do I provide the lender with a STR/Landlord policy or do I purchase regular home insurance to send to lender and STR/ Landlord policy for my protection.

The way the SEPP works is that you take the current account value and set a schedule of withdrawals to drain the account over a set period of time.If you find a way to make the numbers work, you might want to setup a specific and separate IRA for that purpose.