I'm starting out as well and planning to have my first rental by the year's end.

Planning, such as selling in a year with lower overall income or using a 1031 exchange, can help minimize this tax.

Initially, we were planning to buy a used home and remodel it.

@Nicholas RoserInvesting in a duplex can be a smart strategy, especially if you plan to live in one unit while renting out the other.

@Jason Allen, Great post, we have a few real estate / Construction business here in Columbus and have been wondering what the best strategy / planning should be for the next 3,5,10,20 years based on all this investment and growth.

With that being said if you plan to do more than the 1 assignment allowed in a twelve month period then you have to double close all your deals.

I will definitely plan to expand my network this year.

Any and all constructive ideas welcome other than telling us we shouldn't have purchased without a surefire plan - we know :)

The seller needs moving money, there are oftentimes an arrears that has to be paid on the loan, there are oftentimes HOA fees that are due, there are title costs, there are escrow costs, usually there is deferred maintenance, you have to make mortgage payments out of pocket until you get a renter in there, you have to pay utilities and taxes, and you need reserves in case it all doesn't go as planned.3.

I think this calls for another patented day of Mike's Research Plan.