Do they have the necessary resources to stay on top of all the tax issues such as 1031 exchanges, 754 Step-Ups, etc.Feel free to share your thoughts or comments.

Any mistake can create a domino effect and impact both investments.If your current investment is performing well, save up that money and use it to build a pile of cash for a new investment.

Wayne brought up a good point about the current occupants being able to pay the rent if they haven't been paying the taxes.  

I'm guessing that's because too many people didn't follow through on the "keep quiet after 10pm" rule and they ended up with fines etc.

Ned you hurt my feelings :) -  I do have evidence to back it up (hahahaha).

Add 10% to costs for misc items to come up.

In theory, it should be possible suck up water with a wet vac and then dry quickly with booster fans and a commercial dehumidifier (we keep a set of equipment around for that purpose) before the carpet develops an odor.

I have read I need to set up a business account and not to co-mingle funds so I am working on that.   

Are there any resources for learning how to set up systems?

Hi - I am looking for ground up financing on a property I own in Fort Myers on 1.91 acres.