What are the advantages of having one (arguably there are no costs that can't also be obtained with an umbrella liability insurance policy) versus the costs (yearly registrations, extra paperwork, startup costs, more expensive mortgage options)? 

Our primary long term goal is just to create some extra passive income, we both have careers otherwise that we do not necessarily want to quit.

Nearly every State's contract has a section for special instructions to lay out terms, add extra documentation etc. 

For those of you who invest out of state, do take extra caution and make sure your Boots-on-the-Ground team is being extremely diligent. 

Also check their leases to see what they currently say (does it include utilities or they pay extra for those, how is it split). 

I have found a property that cash flows on paper, $220/mo after paying PM saving for repairs cap ex vacancy etc… rent would be $1000/moThe problem I am having is its in a bad area and I’m working with limited funds so bad areas are all I’m able to invest in currently, until I can grow my savings and BRRRR a few houses that I can pull some extra cash off the back end with the refi. 

So, I'd like to ask my fellow landlords with properties that are waterfront or seaside what extra bit of maitenance comes with them?

However, my question is trying to figure out how much an extra bedroom or squarefoot would cost? 

    ( work orders ) for property management companies.They go with their contractors, vendors, because they do good work, work well with tenants, andare fairly prompt to do the work in a timely matter that pleases the tenant.I believe it is in the contract that these services come with companies delivery of service to you.If they mark it up it should be stated in your contract.If they up the price and do not state that in the contract then they are taking you for that extra amount your paying.And yes it does take 20-40 minuets to go to the store and buy the door to install. 

I usually keep extra copies on my bookshelf and have given away several copies of this book to friends that have expressed interest and demonstrated intent to use the SD strategies.