Aloha,I would add that being PRO-active, rather than mostly RE-active in your maintenance efforts will extend the life of various elements, further reducing your costs over the long term.

Your blanket fire policy should have a liability element which would be the first, then your general liability policy kicks in.

They have numerous properties free and clear, thus the need for the LLC and asset protection.

However, the things that made me question my future involvement with this unit were possible big expenditures like all the water lines being made of iron (nearing the end of their usable life before cracking on this 1960’s house), a giant tree root running through the center of the crawl space (could disrupt foundation further), or numerous large pine trees either already dead with limbs hanging or leaning over the roof that needs replacing already.

Even though the suggestion is out there the reality is that I shouldn’t expect folks to do this all on their own dime in this market.I didn’t want to pay for all or even part of numerous inspections, that could add up.

There are numerous other strategies out there, but these are the most common and straightforward.

Class A props won't cashflow for 3-5 years, unless you buy from distressed seller or can reposition and raise rents.Class B is really where most investors want to be.Class C is usually NOT for newies, due to numerous challenges that will cause panic attacks.

They have time constraints for specific elements of the process and must finish and lock one month before starting on the next.Your filing systems, both paper and digital, should use consistent naming conventions, regardless of type of property or ownership entity.

Landlords or property managers send out the notice to vacate, not courts.  3-day for non-payment.  30-day for other reasons (too numerous and not relevant here). 

The suburbs of my city (Chicago) have numerous cheap properties that are burdened by high taxes.