Using very attainable #s, like projected rent, projected vacancy, etc. will go a long ways with insuring you make solid decisions.      

It's inexpensive and easy to prove your case if you have before/after documented.

They also provide split roommate payments, screening, maintenance requests, applications, renters insurance, late payments, and expense tracking.

I am rounding to make it simplerGross income $158,000Expenses------------------Insurance        $11,500Office                $400Collections       $550Cable               $2870Property Tax   $7800Repairs/maint $12,800The expenses look a little low, but the owner is managing himself. 

The mechanisms, documentations, effects, and opportunities are the same for SF, MF commercial, raw land - any kind of real estate. 

Something else to keep in mind is a LLC does not provide absolute protection so you still need to take other measures to protect yourself like insurance, umbrella insurance policy, trusts to help further hide your identity, don't use your name and home address as the registered agent for the LLC. 

The downside to trying is limited to the cost of furnishing the property, and even then, you may be able to rent it out furnished on a long-term basis if the ST stragtegy doesn't work out, or sell the furniture for that matter.We started STRing back in January 2018 and are documenting our learnings (which are growing :) ) at our blog here (http://www.trihomestoday.com/blog/) if you're interested.Good luck and feel free to reach out with any other questions!

Also.. with any luck, local meetings will have people doing actual investing around the area and hopefully can give you documents that have been used in that area, or if you notice there are no active meetings around you, you could always start one and see who it attracts.

I was told by a mortgage broker that because I own 2 homes CMHC won't insure my mortgage meaning I must put at least 20% down.Any ideas if this is correct or how I can get around this?

I know you guys are buddies, but this document will make contingencies crystal clear to both of you.