Your experience with listing the property for sale in a high-interest market highlights the importance of market timing, and it's great that you adjusted quickly by renting the property instead.

Although the $55,000 renovation went as planned, dealing with unforeseen issues, such as older plumbing, required adjustments.

Although the $55,000 renovation went as planned, dealing with unforeseen issues, such as older plumbing, required adjustments.

Now, when were asking them last month rent they are saying adjust from deposit.

We sold one property this year where we wrapped the 4% mortgage note into a 10% note and as a result are enjoying a 17% annual ROI for a minimum of 2 years and possibly as long as 10 years if the borrower/buyer does not pay us off early.After 40+ years of real estate investing, in many different markets across the country during many different economic climates, both in residential and (primarily) in commercial, I can tell you that hard and fast “rules” should be constantly evaluated to see if they are limiting the opportunity to “jump start” your wealth building.   

Basically, you should treat an MTR lease just like a LTR lease, with some small adjustments because you are providing utilities and furniture.Another side of your question ("anything important I should include when contracting with business?") 

The warm climate and affordable housing make these cities prime for rental investments.Ohio: Columbus and Cleveland offer affordable properties and stable job markets, providing solid cash flow and appreciation potential.Tennessee: Nashville and Memphis are experiencing rapid growth.

@Adriana V Alvarado you'll learn more and have better control over a local house-hack versus an OOS rental.Just be careful of the tenant-friendly climate in California.

When you convert to a rental, the basis for depreciation becomes the lesser of the fair market value or adjusted basis on the date of conversion.

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.