As a result, I want to lay out a scenario I hope to create (let's assume I can create the scenario below) and I am asking feedback on all of the things that could go wrong that I should anticipate/prepare for: Scenario:5 fourplex properties = 20 units (average $900/month rent) - Looking for cash flow not necessarily appreciation for these properties$1.5MM in investment property debt (Average purchase price $300K; Market Value $400K)$500,000 equity across properties (Average $100K)Loans: Conventional fixed rate or seller financing fixed rateRental Income: $18,000Mortgage for all properties monthly: $10,000Cash Reserves on hand: $200,000 (separate from the equity in the properties)Reason for Scenario: My purpose in stepping away from a full-time job would be to start ramping up flips to pay down the mortgages over time.

Adding a new shower, and by creating better use of the space to maximize the flow and look of the property.

I am a Project Manager in the Video Games industry.Recently, I've been really studying and focusing on my long term future (retirement) plan, and I believe Real Estate Investing is a great way to achieve that, so I would like to learn as much as possible from this amazing community and, eventually, take a leap of faith to get started.Since I currently have a Full Time Job that is really demanding (~50 - 60 hours a week), my goal is to try to create a passive income from my investments.Looking forward to learning from all of you!

I have just put under contract, a 4 plex in Indiana.Trying to be a little proactive, I'm curious on everyone's thoughts on whether I should hire an attorney to look over the lease I created (in which I mean, copied from the resource center here on BP and changed the location) or not.I'd love to hear everyone's take on this but I'm thinking having a lawyer in my corner just makes sense.If that is the case, the real question I have is how to I find the right lawyer?

Or is it better to have a contract created by an attorney depending on the deal altogether?

What you've done is create yourself a mommy vs daddy issue here.

I prefer properties that have current tenants so I can create cash flow from Day 1.

Safe to say that we’re all here (On BP) for the same reason - to create a better financial future for ourselves and families.

If you create your chart of accounts in an excel list you can basically download your banking in excel format and quickly classify transactions with consistency.From there you can sum each account and quickly run a profit and loss report.I like QuickBooks because as I grow my portfolio I have all the functions I need and I can run year over year reporting.

For Comps, I would contact an investor-friendly agent so they can give you access to the MLS and create reports.