Develop a business plan and include licensing advice specific to Utah, specific to rehabs, rentals, and subject to deals, and specific to a new small business owner in my tax bracket.Analyze my strategy and tell me what is cost effective and what is not.Develop deal contracts and helping me see them through.Ideally, I would have 3 or 4 references to attorneys skilled in all areas, but that may not be possible.Thanks for your thoughts.Josiah HalversonSandy, UT(801) [email protected]

What you have effectively done is ruined your returns on the other properties in order to purchase a deadbeat.I understand the point of your original post was not to get into this part of it, but I caution you on your approach to investments.

One guy doesn't get his stuff done on time or under budget and what one does effects the entire project.I've seen money break up families, it can certainly break up friendships much less partnerships.I'd suggest, if you have other irons in the fire that you might consider staying out of the way in rehabs, take care of the business side.

Much more cost effective that way and like others have mentioned on this thread- people don't expect a bathroom on the upper floor of a bungalow around here.

Finance and leverage are the most important tools in this business and your limiting your options.For my personal investment strategy I pass on any home that requires flood insurance.

Then revisit the parking issue later, and what effect would turning a conventional financed property, into a 6 unit have on the mortgage?

If so effective rent can be lower than gross rent.

Hopefully you find the right tools here to make some good "buys" that result in the passive income you're looking for.I highly suggest looking up the 50% rule and the 2% rule (rules of thumb).

Everyone is blaming the new laws that went into effect in early Jan.

Depending on what you are looking for, I may have a very cost effective option to point you to.