How long are you usually spending on prep before you hand it all off to your CPA?

I know you mentioned doing STR, but then you need to spend another $10k+ to get it furnished.

Hi I had my property manager handle my renovation on a unit in Maine while I am living in Connecticut. I specified that my budget is $15,000. After she gave me the numbers, I calculated the rehab to be around $16,000 ...

Rather than just spending the money on a rate buy down. 

If we take that fact for granted -- that, for example, the average tenancy is 6 years -- then that means that some tenants stay 1 year and others stay 10 years, but when you're running numbers for a property as such then the realistic scenario is that you won't have any vacancies or turnover costs for about 6 years.

Basically, flip partnerships suck unless you spend a long time being clear about the roles and payouts, etc.

@Wells H. you can spend DAYS driving through Detroit!

If you are setting aside funds for capex, taxes, insurance, or other expenses that don't occur monthly, transfer those funds to Savings each month and hold them there until it's time to spend them.

For those who’ve invested in Cleveland, is this a realistic target for multi-family units in the neighborhoods I’m looking at?

Here are some practical tips and insights based on my experience managing a real estate fund and working in this field.First, setting realistic expectations.