I do not have any long term partners so to speak.There are many more details, but that is just my take on a quick assessment.

Usually if all goes south for some reason the RE Commission sends you a cease and desist letter, if they want to be nasty the will assess an administrative fine, but rarely, the usually give you a verbal slap and say stop it, get a license.

In one state I buy in, the property is assessed based on the surrounding area and taxed accordingly.

In finding a home performance contractor that can assess the safe and efficient operation of the major systems of you home one thing to look for are contractors with certifications.

Brick duplex with identical 2/1 units 36k purchase price (most recent tax assessment was 65k).

Beware the special assessment!

Get an independent assessment of the property condition.

As for buying tools, you'll need to assess how often you think you'll need it in the future, and what you can reasonably do yourself.

If you have a lengthy eviction, a vacancy, an HOA special assessment or any other sort of big expense you'll be out of pocket.You can sell with a tenant in place, though you will widen your pool of buyers if its empty and its a place that would sell to an owner occupant.If you only lived there one year its not enough to qualify for the homeowner exclusion for capital gains.

What would be a way to assess repairs, closing costs and other expenses that I need to know about?