Learn as you earn.

@Carlos Rovira the general rule is that income is taxable in the state in which it is earned.

I think the advice of billing them early but giving them time to get the extra money together is a good way to proceed.

If 5+ acres then what is your plan for all that extra land, and do you have the money on hand and the local regulatory environment mapped out to execute that plan?

In this type of increasing market with increasing rent rolls,you should, as a rule, expect to earn back 100% of your investment within 8 years (if you spend $100,000 on a home, you should aim to make $12,500 a year in rent meaning you could collect $1040 or so in monthly rental rates.

I am about to jump into the "pool" of direct mail marketers...yup, as the distressed property owner sorts through his mail, over the trash can looking for utility bills....and throws away all those yellow letters etc....I'm actually going to spend some hard earned money to be one of those letters....with the hope that someone on my mail list chooses to open the letter, or read the postcard and call me to see if I can help them out of their financial situation.I've asked a lot of questions....watched videos....read articles...and given it a lot of thought.I need a list that I can mail to on a consistent basis..I'm thinking once a month for six months...then move on to a new list.The criteria I plan to use:single family and multi family propertiesowned for at least 10 yearshave a trustees sale notice recorded within the last three monthsMaricopa CountyIs this a perfect list?

In the long run, I will earn a higher return as I can use the same cash several times over as I turn over fix and flip property.

if the average earnings of a realtor is about $30000  per year don't see how a third own investment property, unless they are counting primary residence.

Making extra cash on the side is always fun.

It's more conservative and while my rate may be higher and I will pay a little extra in interest over time I can still accelerate my payoff.