I look forward to learning from you all as I strive to master this element of real estate.  

I appreciate the help @Theresa Harris!

I really like the Nokomis area a lot - if you're looking at holding onto this one as a rental for a while, I'm sure you'll see some nice appreciation in the coming years too.Just curious, but did you do the full renovation after closing on it, or did it come pretty much turnkey for you? 

I'd like to hear from anyone with experience in this market.

This is an Assisted Living Residential (ALR). 

It will help you with bookkeeping, accounting, and taxes.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

Never considered this or thought about what to do in this scenario.

Turns out, during construction, one of our vendors flushed something down the toilet, causing a clog, which led to the system overflowing and flooding the home.We ended up having to cut and replace drywall in multiple rooms and swap out the wet carpet, which will cost us around $10K.Mishaps like this will happen in Real Estate.

It really depends on what goals you are trying to accomplish and the type of housing you are looking.My partner and I have our own construction companies that we work together and we've been helping clients to renovate to either flip or rentals.