But if you prefer flexibility and higher impact, annual lump sums could work.

In fact I assume that there are probably many many property owners who are not realizing their dream of a passive income property there.However, I'm a veterinarian not a real estate expert!

QuickBooksQuickBooks can be a good option for tracking the financial aspects of your deals, such as downpayment, funding sources, mortgage details, and cash flow.Pros:Widely used, with robust reporting features.Can track both income and expenses, making it easier to manage the financial health of your properties.Offers integrations with banks and lending institutions for easier transaction tracking.Cons:There might be a learning curve if you're not familiar with accounting software.May require customization or additional apps to track all the specific real estate details you mentioned.3.

Every time my previous homes I've lived in come back on the market, I always go to see them.

I live out of state and will be using this as a rental income property.

As to "taking control" you'll have to wait until there are board elections (typically annually although usually for part, not all of the board) and run yourself and people you control for the board seats.

Once I finished my undergraduate degree and moved out, I netted 15k annually from rent.

But -- rant incoming -- as @Erin Spradlin, resident midterm rental expert in our household would probably ask you, why limit your targeting to just one demographic? 

However, an essential exception emerged in the 1990s, allowing specific rental income to be categorized as non-passive.

Our Situation:Two couples, new to real estate investing, each with one working spouse with a high income (W2 and 1099) and one non-working spouse plan to go 50/50 on a new construction STR which will not close until Spring of '25.