The ability to buy and sell or buy and hold without having to physically see the house.This is pretty cool and I remember my first deal when I did a deal without ever seeing the house or meeting the seller in person.If you are looking to have more of a lifestyle business were you never to have to worry about going to houses in person, this could be a great fit for you.Also, If you like to travel and want your business to run from your phone and laptop, this could be the business model for you.Over the next few weeks, I will continue to write about some of the benefits, drawbacks, and lessons I have learned from doing 90% of my business virtual.We are also looking for some passive partners who would be interested in getting involved in some of our rental deals in New York.

A little background about myself, I live in a small town in northwest Wisconsin and I'm a physical therapist at a local hospital and my wife is an RN and we currently have a 4 month old at home (who also has lovely RSV so mom and dad are taking PTO to deal with sick babies!). 

As far as bank account, one checking account will work but some prefer to have another account to physically separate the reserve funds.

Physical and economic vacancy are submarket specific.

Jack as we age this becomes a real exercise.. for me its all about paid for assets. and limiting long term liablities.and well I jsut dont particularly care for the rental business in the SFR space.I prefer buying debt. or originating debt.. or doing value add like new construction.. 

Since I have already created the LLC and accepted by the state of NC but reside in PA, do I need to create another LLC for PA since my business is a home business and physically located in PA?

This means all of the underwriting, financial/physical/operational reviews, as well as discussed the deal with consultants (tax, insurance, etc.).

If you are not comfortable investing in markets you don't know, and are far enough away that it would be difficult to get back and forth in a pinch, physical real estate may not be the investment for you right now.

Also a small possibilities the first lien holder would allow you to step into the borrowers shoes and make loan payments.All this is probably an academic exercise because if a property with an uncompleted rehab has a second lien in place of the required equity, there would be no equity for the second lien holder to worry about. 99% chance with a second in this type situation there is no equity above the first until rehab is complete, despite what the flipper wants you to believe.

Being a former physics teacher, I like to be armed with evidence.