I tell this to all of my investors - whatever you buy in Columbus Ohio, you want to hold for the rest of your life!

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

But IRS allows an IRA to be invested in anything except life insurance and collectibles.

I'm sure I could go to some midwest markets or even some more depressed markets in my region and get better pricing, but that's out of my wheelhouse at this point in my life as I have no desire to learn new markets when I'm closer to the end than the beginning. .Sure, obvious but over looked.

As always, make sure to run the numbers carefully and factor in local property taxes and HOA fees, which can vary widely in North Texas.Delayed gratification is key in real estate investing, but with patience, the rewards can be life-changing.Best of luck with your search

***EVEN IF YOU CASHFLOW IN REAL LIFE***Ready for the boatload of cherries on top?

A reserve is unnecessary, but I still keep around $15,000 - $20,000 in my account.The point is, that you should sit down and assess your finances to determine what the worst-case scenario may look like, how much you would need to cover it without impacting your life, and whether you will need to build a reserve.

To set the scene: A cost seg study breaks your property into two important categories:1250 "real" property aka the building, foundation and other long life assets.1245 property aka anything that can be accelerated such as 5, 7, or 15 year property like carpets, cabinets, or other site improvements.

And since I would like to go back to it being a STR when some of my life calms down in a year or 2, it doesn't make tons of sense to get rid of it all and then start again!

He has lived here his entire life, and knows the area very well, and he is a general contractor and has been remodeling homes in our area for 20 years.