Obviously there are risks if I get laid off and would loose all the tax savings and be paying out of pocket for the property, but are there other things that I should consider?

To rent the home, I would lose about $2,500 per month (based on comparable rents in my area, property management fees, etc).Both options loose the same amount by roughly 2 years, and by this time, I still will not have built up much more equity in the home to make selling it a break even unless there is price appreciation by then.My dilemma is this: I speculate that my home will not appreciate much in the next 3-5 years due to the rapid pace of development in the surrounding area.In 5-10+ years, maybe, but by then I'll have bled $150,000 - $300,000.I have thought about this a lot and feel that I mar'-too close to the problem to see the best solution.

., you may loose legal liability protection in Illinois if you are investing in Illinois with an LLC located in Michigan and you'll be paying taxes to the two states in most cases. 

You can compromise without loosing good paying tenants if they pay on time. 

He is a contractor by trade and I am the sales and numbers guy to loosely define us.

Hey all, as the title states I'm brand new to the real estate game and I'm looking to find people in the area who are willing to loosely guide/teach me how to wholesale/flip properties.Are there any networking events in the area I'd be able to connect with?

This is a small 3 br house.Work Order Instructions:- Entry 1 : Security/Screen Door | Replace Exterior Door Screen- Entry 1 : Wall/Ceiling | Spackle and paint- Bathroom 1 : Door Stop | Replace door stop- Bathroom 1 : Light Fixture | Replace bulb- Bathroom 1 : Shower/Tub Caulking | Re-silicone tub- Bathroom 1 : Toilet bowl/lid/seat | Replace toilet seat- Bathroom 1 : Toilet Paper Holder | Replace toilet paper holder- Bathroom 1 : Tub/Shower | Relay loose shower tiles- Bedroom 1: closest to the front door : Closet/Door/Track/Shelving | Install Closet Rod- Bedroom 1: closest to the front door : Light Fixture/Fan | Fan light does not work - replace fan- Bedroom 2: 2nd closest to the front door : Closet/Door/Track/Shelving | Replace closet rod- Bedroom 2: 2nd closest to the front door : Window Covering | Replace blinds- Bedroom 3: furthest from the front door : Switch/Outlet | Install smoke/CO detector- Bedroom 3: furthest from the front door : Window Covering | Replace blind- Dining Room 1 : Window Covering | Replace Blind- Hallway/Stairs 1 : Light Fixture | Replace bulb- Hallway/Stairs 1 : Other | Replace blind- Kitchen 1 : Window Covering | Replace other blind- Laundry Room 1 : Light Fixture/Fan | Replace bulb- Living Room 1 : Switch/Outlet | Replace Outlets- Living Room 1 : Window Covering | Replace Blinds- Basement 1 : Light Fixture/Fan | Replace bulb- Systems 1 : Thermostat | Reattach thermostatLine ItemsDescription AmountLabour hours, replace several blinds, screens, door stopper, replace toilet seat and toilet paper holder, reset showertiles, install closet rods, replace necessary bulbs, smoke detectors and outlets, touch up paint$2,096.38Shop Supplies $3.00Ace hardware invoice I51016 $44.64Ace Hardware I50619 $53.69Ace Hardware I50569 $43.57Total $2,552.16The gross rents on these units are great but so much of the profits get eaten away by the turnover costs it just makes less and less sense every year. 

I tried RE Investing many years ago before the internet and miraculously did not loose my shirt but broke even on one house and due to other circumstances was forced to walk away from another.

For those interested, a combination of mortgages with no “due on sale” clause, mortgage companies loose due diligence, and title insurers willingness to “turn a blind eye” to practices that wouldn’t pass scrutiny now, resulted in tactics like the “second mortgage crank” which not only allowed investors to purchase properties with no money out of pocket but allowed investors to actually walk away from closing with “cash in their pocket”.

9) adding multiple ADUs or adding an ADU to a quad looses F/F conventional financing.