You would have ongoing filing requirements with the State and would need to keep business records and documentation.You also want to look at whether a pass-through entity helps your bottom line and your taxes.

Your best bet, in my opinion, is to work with a REI accountant who provides bookkeeping services in-house - either an actual day-to-day bookkeeping or an ongoing review of your books.

Do you expect your tenant's to keep the place clean and sanitary on an ongoing basis, or do you just wait until they move out and deal with it then?

Or you can call the County PA's office, or the insurance company that you will surely have an ongoing relationship with.I have made offers on both sink hole properties and on properties in flood zones.

For the sake of solid ongoing relationships with the vendors you are partnering with I'd recommend getting in touch with a real estate attorney, like Ryan, who knows our state laws and can craft a simple agreement that you could use over an over again.Good luck in your awesome work in Ardmore!

#'s wise it's your up front expenses: rent, furniture, decor, etc plus your ongoing maintenance and cleaning expenses.

For new money going into MF in 2024, there is the possibility to benefit from the financial distress of forced sellers by purchasing good assets in growing markets below the cost of replacement and holding until a fortuitous time to sell, while harvesting ongoing dividends.  2023 and 2024 have been a wakeup call that the operating team must have a long-term hold plan that allows them to hold the property profitably until selling at an advantageous time of their choosing. 

I try to keep at least 4 months of reserves in my bank account for mortgages and any known ongoing expenses.

@Michael BonannoThanks Michael, I'll add them to the list - I plan on going to as many meetups as I can

I'm interested in hearing from investors working in the area to learn about how challenging they've found it to find and maintain good support - both for contractors on a rehab and for ongoing caretaking, cleaning, and maintenance on a short-term rental.