But the process really is simple.

Study what needs to be done to learn everything you need to know about the rehab process, vetting contractors, managing debt, vetting tenants, taking rent.

Next question, if you use these write offs to minimize your taxable income, can this hinder your ability to purchase other properties due to showing no income on your taxes? 

Quote from @Tim Davis: In the process of putting a deal together for an 29 unit apartment building on my property.

The administrative process for ALE to place tenants just takes way too long.

With that, we became the American Association of Private Lenders—and we began spreading the word.Finally, Some DefinitionsUnderpinning the concept of minimizing the use of “hard money” in our industry is a recurring theme of standardization—that the root of the issue is too many interpretations of what the same terms mean.We offer up the following definitions for discussion, debate, fine-tuning, and eventual consensus [last updated 5/9/2022]:Private lender: Any non-depository individual or entity that primarily originates business-purpose loans secured by hard assets, generally real estate.Hard money lender: A subset of private lender where creditworthiness is determined solely by the securing real estate collateral.Correspondent lender: A subset of private lender where the closed loan is sold to investors.Portfolio lender: A subset of private lender where the closed loan remains in the lender’s portfolio.Fund manager: A subset of private lender where, depending on the fund structure, the deployed capital is sourced by offering exempted securities to accredited and occasionally non-accredited private investors.Private investor: An individual or entity that seeks a return by deploying capital through a private lender or fund; the investor may or may not be named on the loan’s promissory note.Private money broker: Any individual or entity that acts as an intermediary between a borrower and a private lender without directly originating the loan.

So we have bought properties that are really well taken care of by a long term owner and need minimal work before being put in service.

Due to item 1, adding an ADU can require years to start achieving any return (once the accumulated cash flow recovers the initial negative position).4) Adding an ADU is a slow process.

I'm in process of purchasing properties in FL & would like to be aware of this property management. 

Now I'm fairly new to wholesaling so I'm not exactly sure how to go about this process involving homes with mortgages but it doesn't seem like it would be a good deal.