We would be paying more monthly i we bought the place than we would be if we were just purely renting. 

I know it's hard to cash flow today, especially in the A neighborhoods, but would like to hear what you think.Thanks ground up. you can get a plot of land right now and put 60 units on, I can entitle land with that amount of money and 3x the value through entitlements and sell it shovel ready or bring it as equity so much value. condo entitlement or multifamily is what I'd recommend in miami Greenfield looks like the way to go on in expensive market .... if one can find the land. 

So you're going to have carrying costs with this , as well as opening the door costs , as well as capital injections by both parties of an amount to be able to pay the bills of the llc just to survive as well as to grow business for yourselves . 

I would stay away from long term contracts and pay by the month to start if you are using a service and then after you have real world experience with it, you can sign on for a year for the discount.

I am in Cape May, and we are allowed to do as we wish down here, although the season is a 7-day minimum.You actually stand to do well and have less expenses and wear and tear from multiple turnovers, but those 30-day tenants don't grow on trees, so you are going to want to market hard.Please tell me you aren't relying on AirBnB in NJ - Tenants pay 20-30% more here and you get none of that overage - booking direct saves them that service charge and taxes, so you could actually up your rent and collect more yourself and they'd save $$.

You could even negotiate into the contract that if the neighbors qualify you don’t have to pay the full leasing commission If needed some cash you could always do a cash out refi and take a small amount out.

Sometimes you will do bad and you will be stuck holding the bag and NOBODY will bail you out.If he did a great job give him more business, pay him on time, answer your phone when he calls, and support his business.

Meaning that if your expenses exceed your expectations, or your vacancies/non-pays exceed your expectations, and you don't have enough buffer in place, you'll have to come out of pocket to avoid losing your assets.

A 1031 exchange is a tax-savings strategy that allows investors to postpone paying capital gains taxes upon the sale of an investment property by reinvesting the proceeds through the purchase of another property (i.e. a like-kind exchange).

I guess the proxy might be what the person is paying now provided this isn't their first.