Hiring a Manager: Decide whether you'll manage the property yourself or hire a property management company.Tenant Screening: Develop a tenant screening process to find reliable renters who meet your criteria.Legal and Tax Considerations:Legal Structure: Consider forming an LLC or another legal entity to protect your personal assets.Tax Implications: Understand tax deductions available for rental properties, including mortgage interest, property taxes, and depreciation.Networking and Education:Real Estate Forums: Participate in forums like this one to learn from experienced investors and ask questions.Local Real Estate Groups: Join local investor meetups or associations to network with professionals in your area.Continued Learning: Attend seminars, webinars, or workshops to stay informed about real estate investing strategies and market updates.Starting with a rental property while keeping your condo as an investment is a great way to begin building wealth through real estate.

There are a number of property management specific companies that help people hire these employees.

I would recommend listing it on paperstac as well and see what people will offer. some important questions will be is it perfomring?

We decided to contact a few key people who expressed interest in the past to potentially invest on this deal with us.

I'd be worried if people were coming to the home for his business, but if he's simply using the address (same as a PO Box, though to me that would send up a red flag for a business to have a Box #) I wouldn't worry about it.

Always good to hear takeaways from those more experienced!

I’m sure a lot of people heard about Sub To financing.

TONS of people don't follow that rule and have done very well, but I wouldn't recommend it for your first property.I live in Chicago but don't invest here for the most part.

We are experiencing a decline in rental prices both for annual and short-term rentals.

Propstream tends to be the one most people use but Dealmachine has some amazing data that propstream doesn't.