Would you want your family to live on a busy street with the threat of getting hit by a car?

Hi Bigger Pockets Family,I was wondering how everyone handles their capex & reserves.

Many investors make good money, but they are miserable.There are several serious assets a person should have before they jump into real estate investing such as:a) enough cash to handle the unexpected repairs, vacancies, tenants who don't pay rent and legal costs,b) enough math skills and many other experiences about properties to understand whether or not the purchase of a property will result in a profit,c) enough math skills to calculate your profit at the end of every year and this includes understanding enough math to calculate your profits from depreciation, rent income, rent increases, property appreciation and increased property value that results from rent increases e.g. using the Gross Multiplier.d) the mental maturity and skills it takes to deal with tenants who, who destroy your property, don't pay their rent and then to deal with evictions and attorneys without getting stressed and going insane.e) be knowledgeable about real estate rent laws andf) ability to produce accurate bookkeeping records for banks annual audit and the IRS audits.So, when many people ask if the real estate business is good to get into I don't think it is right to just tell people, "'Anyone Can Do It".

The "skin in the game" issue is handled because the deal really only works if *both* properties are on our portfolio (at least until we can refinance out of FHA and seller financing).Seller likes this offer, but is now realizing he'll have a substantial capital gains and depreciation recapture tax bill from selling these.

Yes, you can hire an attorney to handle all the paperwork.

If there's anything else that would need to be handled for this I'd also appreciate knowing that.

In which case, how best to handle things with the tenant who has already paid a downpayment on a dog, and who signed her original lease giving her permission to have a dog?

While it was intimidating to start having plumbers or handymen handle maintenance requests, it freed up a lot of time and stress having to deal with it myself.

First and foremost, your Property Manager should be handling this.

I have an unusual situation and am hoping for some advice from someone who has some experience or knowledge of how to handle the situation.