Keep all your receipts for your accountant.

Originally posted by Account Closed:Bring on property number 3.     

Account Closed you don't need to involve a lawyer or a realtor most likely.

Hi Account Closed, I haven't had to do any major contracting work in my RE experience yet, but I did start doing research for a new multi-family construction/build in Hampton Roads and got great guidance and traction with Gary Tiller of Tiller Construction Company.I found him through buildzoom and he was one of the first contractors to respond and call me directly.

You will also need to take into account any differed maintenance, as well as ongoing maintenance. 

According to my insurance agent, the only additional insurance requirements from a “normal” four-plex is taking into account flood risk / insurance - no other liability concerns.I’ve never owned water front property myself, let alone rental property on a lake.

That's because underwriting standards only take 75% of the income into account and presumably your tax returns are showing deductions.

Originally posted by Account Closed:Kind of silly to mention this now,  but maybe for others,  this stuff should be worked out day 1. 

First find the market rent for the property and subtract 50% to account for expenses going forward.

Again, best to go through the transaction with your accountant.