As many of you know, Tampa is expensive.

You could look into syndication, however even that will require a significant upfront investment in legal and marketing fees.Good luck!

This is especially true if the property requires significant upkeep or if the heirs live far away.Owners of Distressed PropertiesSellers who own homes in poor condition and can't afford the necessary repairs may prefer to sell as-is rather than invest time and money into renovations.Landlords with Problematic TenantsLandlords who have been dealing with problematic tenants, frequent vacancies, or costly property damage might want to offload the property quickly to cut their losses and avoid further hassles.Owners Facing Major Life ChangesSignificant life changes, such as health issues, retirement, or downsizing, can motivate people to sell their property quickly.

No LLC Needed: This keeps things simpler and avoids the state income tax associated with forming an LLC in Tennessee.Steps to Set Up Tenancy in Common:Purchase the Property: When you buy the property, instruct the closing agent or attorney to list both of you on the deed as tenants in common.Draft an Agreement: While it’s not legally required, it’s smart to have a written agreement detailing each partner’s responsibilities, the split of profits, and how decisions will be made.

If you find Plano’s current market conditions don’t meet your cash flow requirements, consider looking for properties that need minor rehabs.

These include depreciation and all expense deductions. 

We own a single family house on the same road, just 4 blocks away in this same form district that is on pace to earn us $35,000 after expenses in 2024, so am confident this duplex would perform well also.

Assisted living - for those that may have medical conditions that require them to have assistance.

This will require the least amount of capital for your to get in the game and get the best of both worlds.

Not a red flag unless there's a weird pattern like he only sends the most expensive ones.