You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.Creating an LLC in California could cost you a minimum tax of $800 every year.

Quote from @Bonnie Low: Hi, Nelisa.

Personally 0- but I have been through quite a few low cost renter trashed units for sale.

They might make you open some things up and it will likely cost you (really depends on how strict your municipality is, I would ask someone there for a better idea.)

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

If they do not have the money to pay rent and/or have the money and do not prioritize paying rent there is little you will be able to do to change that in most cases.Just be sure to factor into your numbers the cost associated with evicting these tenants if they fall behind.

Another thing I'd highly recommend is talking to property managers on BP to get some feedback-- it's probably very rewarding and can produce income without many starting costs, but it does come with headaches.By thinking about your next steps, you're already on the right track.

However, I have a few concerns:Pros:Living condition: 1400 sqft → 1700 sqft with some boutique featuresThe rental market seems good in this area.Another property is added to my existing real estate portfolio, which currently includes two other properties.Cons:Interest rate: 7% - No guarantee of decreasing the rate, which means there might be no opportunity for refinancing in the future.The current home is too new to be rented out.People often say not to buy property in Chicago due to high taxes and low appreciation.There’s no necessity of moving since I have a decent primary home.Any professional advice would be helpful. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

This might be easier to handle between tenants.Market and Economic ConditionsMarket Fluctuations: Be prepared for potential fluctuations in the real estate market that could affect property values and rental demand.Economic Factors: Consider economic factors such as interest rates, job market conditions, and tourism trends that could impact the Tahoe area.Exit Strategy:Backup Plans: Have a backup plan in case your circumstances change, such as if you decide not to move to Tahoe or if the rental market becomes unfavorable.Sale Considerations: Understand the process and costs involved in selling the property if needed.