Renovated with cosmetic updates for immediate rental income, it offers strong cash flow while preparing for more extensive repairs and the addition of an ADU.

Additionally, ask for copies of all tenant leases, any recent inspection reports, and records of capital improvements, such as repairs or renovations.

While you are learning and living in your first one, you want to make sure that you are keeping up with the repairs so that when you make a decision on what to do with it, you don't have a potential issue with the property you want to sell or rent when you are about to buy another.

I would say a common error that people make is underestimating the cost to fix or repair something.

If the existing ceiling paint is damaged, the ceiling must be scraped, repaired and painted.

I recently obtained a couple of quotes for foundation repair on one of my rental properties.

It's oversaturated with crappy wholesalers who don't know ARV and can't estimate repairs costs. 

I think I have the basics down:* rent roll or proof of rental payments over x period of time* copies of owner paid expenses* copies of owner repairs over the last couple of years* clean title search* home inspectionWhat are some of your favorite questions?

Overall, it can be a profitable business, but most people get into it to become an investor and 99 percent fail right away because they don't know the slightest thing about repair costs, talking to sellers, and are only in it for the money and not to help people.

In 2020 I bought my first house 3 bedroom 1 bathroom and a 2 car detached garage for $175,000 and put a 10k downpayment on it and interest rate was 3.5%, in 2023 I decided to rent it out for $1350 mortage was $1106.62, in 2024 we raised the rent to $1450 and our mortage currently is $1144.76- I never put into account repair expenses, Capex, vacency until I read on rental investment properies book.