Or you will need to hire a manager, preferably a hotel manager.Soft and hard goods should have a value and depreciation, just like the mechanicals of the actual real estate.When you are serious and at least under a LOI, you can get access to financials to see how the property is performing. 

I was approached by a startup backed by an institutional investor that offered me an interesting financing deal for investing together in new properties and I'm not sure if it's a good deal: - They will provide a very cheap hard money loan - 85% of the purchase + rehab price for 3% APR (so for a house I can buy for $100K + $30K rehab I get $110K at 3%)- They then provide guaranteed refinancing after the rehab covering 80% of the property at 4% (so assuming the value increased to $160K, I get $128K mortgage at 4%, essentially taking back most of the equity) - In return they want 40% of the property (so 40% of the net cash flow (after financing and operating costs) and 40% of the net value after the sale)I'd love to hear your thoughts - on one hand I will only need very little equity upfront and I'd be able to take back most of it (and maybe more if I get a good deal on the property), and the mechanism is easy, streamlined, and like an "auto pilot".

Most of them in come good working order mechanically but need a cosmetic overhaul to bring them up to modern standards.

They owe 6k in back taxes, 66k on a 1st lien mortgage, 5k in back owed mortgage payments, and a 3k mechanics lien.

Money is simply the mechanism used to get the life we want, but it is the life not the money we crave.

My 1 LTR has been on auto pilot once I got a good renter in.

You mechanically write a Revocation letter first.

Loans are not a taxable eventThis is my favorite mechanic in the American tax codeIf you create equity in an asset (real estate or stocks) and then sell it you pay taxes, if you take a loan out you get the proceeds but pay no taxes (and in the case of real estate get tax benefits) and if your asset continues to appreciate you can take loan proceeds out over and over again. 

I've been a lifelong BMW mechanic.

Here's an example of what I would say, in writing:"Dear Tenant,I cannot be held responsible for acts of nature, theft, mechanical breakdowns, or other actions outside of my control.