It's important for you to constantly have a clear picture of the status of your properties.

Other things being equal, if your business generates earned income (as with rehabs or wholesaling) you most likely would elect S-Corporate status.

Plus take into consideration the fact that most people get their health insurance, retirement and disability benefits from their "full time job".

Another was occupied by a 92 year old woman in bad health.

Actually lead paint can be very dangerous and cause serious health side effects.People just do not connect the dots that their sickness came from the lead paint.If you go through and read the EPA's site in depth on the data it is conclusive on the studies performed.Paint in general can have VOC's (volatile organic compounds) that can cause problems as well.You can buy and use no to little VOC paint and put that as a bullett point on your rehabs.Yes it costs some more but can be worth it.

Seniors with and without health care needs, special needs adults, drug and alcohol rehabiliation, victims of domestic violence....you name it.

I had a repossession from quality investments on there as well.In a nutshell, I was saved from these problems by my private doctor who actually saw what going through these problems had caused on my health.

A house from 2000 is still 12 years old.Many items can start going bad soon.If you have a house that is much newer say 2008 then you might have awhile before things go out.You have to inspect the property no matter the age.I have seen some builders go under that just threw up the houses and even though they are newer have a ton of issues.So I make no assumptions when investing and conduct the due diligence on all properties under consideration.I am also amazed that vacancies are not calculated.That is one of your biggest expenses.I would go further and say to estimate the first month or two the property you buy is vacant while trying to screen for the right tenant.You will save by being strict to locate the right tenant for the property rather than being lax in some parts of your screening process to fill the property up.Of course even if you do your best to qualify people's job,health,family situation,etc. changes and you have to get them out.It's part of the landlord business.If you have a 2000 built house and it has 4 years left on the 16 year roof then you know in year 4 to have that cost allocated for repair.If you don't do that you will show higher profit to a buyer when you sell but you will get a lower offer as they now have to fix the deferred maintenance plus you will have tenant turnover from giving the perception you never fix anything as a landlord but are quick to take the rent check.

Qualifying for RE professional status requires you spend at least 750 hours a year doing real estate related work AND that you spend more time doing RE than anything else.

As this number continues to get smaller it in turn makes the number of available listings (our supply) fewer and fewer.Thirdly, the number of homes in escrow, in pending or contingent status, in relation to the available listings has grown each month for at least the past 8 months.What I conclude from this is that the market is absorbing the inventory faster than the new listings are becoming available.