Hey BP community, I am trying to figure out the best approach to purchasing my first rental property.

We do a similar approach here in LA, and it's great to see other investors succeeding with BRRRR.

So depending on the size and cash flow of your rental portfolio, it may or may not be the most financially advantageous approach.

A one-size-fits-all approach to defining the rules is extraordinarily difficult in the same way that writing down all of the laws in Napoleonic fashion is virtually impossible.

Questions I have as I approach a lease ending in Mid November, 2 months away…-How much notice do I need to give before I ask if they are staying or leaving?

Great approach to notification.

We are open to learn new markets, new type of properties, or even change our approach on things when required. 

This is all me pontificating on my approach, but its basically all up to the strategy you would like to pursue.Either way I would still recommend a 30 year, but here is the logic behind that decision. 30 year loans offer lower payments.

@Dan Guenther or house hack out rooms....tailor the approach to the market..

@Allie Foland I’d owned a bed and breakfast for 24 years but had started working a W-2 job too knowing that the day to sell the B&B was fast approaching.