.• Down Payment: Planning to put down 15%–20% to keep my monthly payment low.• Cash Flow: My goal is to keep total expenses at $600/month or less (including mortgage, taxes, insurance, and property management).• Minimizing Debt: I want to avoid overleveraging and maximize cash flow from the start.• Property Management: Since I’m investing out of state, I’ll be hiring a property manager to handle day-to-day operations. 

Pairing a smart lock, such as the Schlage Encode, with Hospitable saves so much time since Hospitable seamlessly automates door code management by creating unique codes for each guest reservation and then, subsequently removes the codes after the guest checks out.

A good real estate accountant can save them thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend that they find a tax accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.I would also recommend that they look for a accountant willing to work with them throughout the year, who can help them strategize and who is responsive when they want to know the consequences of the financial decisions they are making throughout the year.Good luck.

Fine-tuning your savings, building a reserve fund, and running detailed ROI projections will help solidify your plan for long-term success.Good luck!

For instance, you can open a solo 401k retirement plan and make contributions as an employer and employee.

A 10 to 15 year plan - slow and steady. 

Save up long enough to pay the LLPAs to get a better interest rate3.

House hacking can certainly be a great way to build equity and reduce living expenses, but it’s essential to have a cushion in case your rental income doesn’t come in as expected or renovations take longer than planned.

It’s a good plan, to me at least.

Did you plan to rent this or live-in flip with the intent to sell?