It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

I don't think it works out nearly as well and as often as the gurus claim. 

He claims to have owned "multiple businesses" and "many rental properties." 

Payments for rehab are paid by the lender to the customer as 2-party checks (made payable to the borrower and contractor).

The previous owner is accepting some of this wrong doing, so hopefully we will not end up in a small claims court.Thanks 

All too often the claims they make (at least with many of the deals I've looked at around here) are false.

Though I did go back with all vintage door knobs, doors, rewired old light fixtures and custom built a few from scraps, and used the plank kitchen floor (unsalvageable due to rot) as the wall in the hallway.

We are PM's and will never claim to be perfect.

In year two, it may still be too high if you claim any purchase- or setup-related deductions during your first year income tax return (i.e. say you net $20K on the Airbnb property, but you claim $8-9K in depreciation and $10-12K in furnishing expenses; the tax record will reflect that you lost money when you in fact improved your cash position by $20K).