I was (and still am) a licensed broker, but broker's training, while imparting valuable real estate knowledge, does little if anything to prepare one for the reality of being an investor/landlord.

However, it just limits the losses deductible to any income in a given year.I recommend having an accountant prepare your first year return at least to be sure basis is calculated correctly.

I assign one board for my architect, one board for engineering, bid board, schedule board, todo board. each board i could assign just one or a whole team. i just structure it well so i could move cards from step to step. say on my bid board, i have tabs like bid searches, bid walk date, bid prepared, bid review, bid submitted, bid rejected, bid approved.i make cards for each bid then just move them around. mobile friendly, too friendly.

I see reverse mortgages as more like the "get your refund right now" deal the tax preparation companies offer.

I know some others on BP use that, but the laws may very by state so I would suggest talking to a lawyer or just being prepared to make repairs anyways if it turns out that won't hold up.As for the AC, the duplex I have does not have any AC right now.

BA-If the times unforseen before developed in the future, I would be prepared to walk away.

That diligent practice of investing and preparing created far more wealth that was used to fund college.In a nut shell we all should be preparing for the future expenses of problems and desires.  

@Elizabeth Colegrove i agree be prepared to loose house if you dont close i use junk as a discount then pay people to clean them out good luck to you@Stephen E. 

When I get there I am prepared to buy a new toilet and if need be update the pluming.

Contractors should be prepared to provide their own tools and their own safety gear.They should be quite knowledgeable about how to do the work and have ample experience.