Your network is the most important piece for any potential returns when you invest out of state.Hope all of that makes sense.

And, with only 10% needed down for the purchase of the property, and only 10% down needed for renovations, it seems that if we buy a property right, renovate it and add 10% in value, we could potentially refinance into a more conventional loan without having to bring additional cash to the table .

Prior to taking on more ambitious improvements, you might build confidence and expertise by starting with a turnkey home.In conclusion, even though BRRR ventures might yield large profits, you should consider the learning curve and any potential difficulties, particularly if this is your first purchase.

The hassle of it all - directly communicating with and qualifying potential buyers, constantly scheduling showings, understanding the paperwork, contracts, contingencies, and timelines.....all cause some sellers to give up on selling it themselves.

Below is a detailed breakdown of the investment, costs, and outcomes:Location: Riverdale, GA, an area with potential for growth and increasing property values, making it an attractive target for real estate investments.Purchase Price: Acquired for $70,000, this property was identified as an underutilized asset with a high potential for value increase through targeted improvements.Renovation Costs: A total of $38,000 was invested in renovations.

As a first-time property buyer, I'm taking a big leap into real estate investing and could really use your collective wisdom. I've got my eye on a property in Jacksonville, Florida, and I'm trying to gauge if it's a s...

My biggest question is how do you evaluate each potential buy and how do you determine the max amount that you are willing to pay with site unseen?

My concern revolves around potential increases in taxes or fees for owning an investment property in NY while residing in FL.

I have several local banks who would potentially be able to help.

Typically, it's applicable to certain types of property, and the rules can change.Regarding short-term rentals and bonus depreciation, the Tax Cuts and Jobs Act (TCJA) introduced favorable changes for businesses, including bonus depreciation for certain qualified property, but the specifics can depend on your situation.Using your property for short-term rentals may affect your ability to qualify for certain tax benefits, and the classification of your property (personal residence, rental property, business property, etc.) can impact the tax treatment.The IRS has guidelines regarding the depreciation of rental property, and bonus depreciation may not always be applicable to residential rental property.Additionally, if you decide to switch the use of your property (from short-term rental to long-term or mid-term rental), there could be implications for tax treatment.Given the complexity of tax laws and the potential impact on your specific situation, it is strongly recommended that you seek advice from a qualified tax professional.