Make sure you have a process in place for responding to comms efficiently and resolving issues among members and issues with the house as quickly as possible.It's worth the income and the feel-good feels knowing you're helping out your community. 

The NoD must clearly state the missed payment, cure period, and consequences; consulting an attorney for your first default is a smart precaution.

If I can line up a tenant during the option period, then I know I will win, and I can also win if another buyer comes in with a competitive offer.

The fall is a slow period for Michigan, so we did great based on the time of the year.

It works like this:(1) Save up enough money for a down payment(2) Buy a single family home that you will Airbnb/VRBO(3) Ensure the “average period of customer use” is <=7 days(4) Materially participate (5) Cost segregate the property, resulting in large depreciation deductions(6) Use the losses from step 5 to offset your W2 incomeWhat makes this possible is that operating an STR is considered “non-passive.”

We've found it has superior reporting features, integration features, and is overall more efficient to work within than other REI-specific software.The downside is QBO is not set up for REI so you'll need to do that or work with an expert to ensure it is set up for your business appropriately.

A quality cordless drill, impact driver, circular saw, oscillating multi-tool, and reciprocating saw are must-haves for versatility and efficiency.

Give the cost of money these days is around 7%, it would definitely be nice to have a paid off rental.Like Tim said, the 7% is largely irrelevant because your tenants are paying it with the exception of vacancy periods. 

The more you pay upfront the lower the rate, but you have to make sure to do the math on what you payback period will be.

The Earnest Money Deposit (EMD) is refundable during the Due Diligence (inspection) period, and goes hard at the expiration of the DD period.