Done correctly, pictures, videos, online neighborhood databases, and virtual tours can be good substitutes for in-person tours.Considering it’s your first out-of-state rental property, try to find a reputable, full-service property manager that’s local to the area you want to invest in.

I might want to go tankless but I am not sure it's worth it for future administrative burden (maintenance costs).

I am looking for advice from those of you that already have highly successful wholesale and/or fix and flip businesses that run extremely efficiently as a business.Little back story on us:Its myself and two brothers "running" the businesses (working in the businesses too much and not enough on the businesses themselves) and we have two employees, one a contractor/maintenance and the other administrative assistant.

It's only a matter of time before he will be administratively separated for dereliction of some sorts.  

As administrator, I can purchase the property, fix and flip.

From initial contact with a potential client (owner), to conversion, entering the portfolio and property into the database, marketing, leasing, monthly management, maintenance, the information flows across the application.

It’s a little bit convoluted, so bear with me while I lay the foundational information.Owner of record is an LLC (that was administratively dissolved in 2010) whose sole officer/manager died two years ago (2010) and has a living spouse, with whom I have made amicable contact since last year late November, when the same property was listed for imminent sale last December 2012.

Hi Dan,Weekend email support +answer every email+Online FAQ database=BuildiumCustomer support when you need it is essential to making property management software effective.

While you may not want to setup a Solo 401k (if eligible) solely for this purpose, it might be a useful benefit in addition to other features of the plan: Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)

That may just be mature administrative bookkeeping.