Here's a list of what we ask for in our LOIs and contracts:Operating financial statements for the property, including income statements, expense statements, capital expenditures, for the last two years of operation and year-to-date financial statements for 2020.Prior two (2) years tax returns and addendums for the Property.Current tenant leases, tenant correspondence, tenant credit information, tenant security deposit register, and delinquency report.Onsite staff payroll records to include salary, bonuses, payroll taxes, benefits, etc.Monthly owner statements and rent rolls for the past 12 months.Contracts, service agreements, and files pertaining to the property.List of maintenance all maintenance requests (complete and incomplete) for the last two years of operations.Real estate tax billings and assessments and other correspondence pertaining to real estate tax calculations at the property.Copy of Insurance Policy and claims documentation (loss runs).List of capital improvements and any and all necessary related documentation and warranties.All existing warranties and guarantees from architects, contractors, and material and equipment suppliers, all of which would be assigned to Purchase.Any existing environmental Phase I/II reports, engineering reports, soil, mold, radon, asbestos, hazardous substance, termite, or other tests, studies, or reports.Any existing appraisals.Itemized inventory of all personal property.Twelve (12) months of utility, water and sewer bills.Twelve (12) months of bank statements.Verification of additional income from operations including but not limited to application, pet, late, and other fees, etc.Copies of title policies, title reports, land surveys, site plans, deeds, or any architectural plans for the property.History of or pending litigation against the Property, its owners, or its managers related to the Property or the operation thereof.Such additional information, documentation, or access as Purchaser shall require

One good silver lining to the losses on our 401K are these low interest rates, but just like you can't time the stock market, the same can be true of interest rates.

@Chandler MiguelgorryMake sure if you do buy a rental, that the insurance company also knows it’s a rental or they will likely deny payment on a loss.

Normally, when you sell a rental property for a gain, you should do a 1031 exchange to avoid paying taxes, however, if you have a huge business loss on a schedule K-1 for given tax year, might that be a good time to sell a rental property for a gain without doing a 1031 exchange? 

I'm interested in hearing what others are planning because I'm at a total loss because we're in uncharted waters.I have a digital marketing business that focuses on realtors and last week I had no problem selling leads and appointments.

We could end homelessness tomorrow with this, all the while ensuring you don't lose your own properties do to a sudden loss of rental income from the main house.  

I intended to rent the property, however; we are about to sell a home in Virginia, which will be a capital loss, and it has me thinking that this would be the year to pit another sale against that for considerations of capital gains tax.

We don't leave any food products for guests. 

Make sure to have a least 1 million in liability, loss of rents, water damage coverage, vacancy coverage, replacement cost if possible, and an affordable deductible.

Short term rentals have been around a long time and for people with smaller portfolios, it usually makes more sense to get the right personal policy that permits short term rentals, especially for a condo because there are coverages like loss assessment coverage that is needed to dovetail your coverage with the associations policy.