You may also occassionally see 6 or 7 month lease terms with LTR (more common when an annual tenant renews for an additional 6 months, for example).I've never heard of a 2-5 year lease term when referring to MTR.

Any agent worth their salt will not even allow access outside of those terms, nothing good ever comes out of it.I assume you have listed the property FSBO, which will typically attract people who try to gain an edge: buy it for less (most common), get you to finance (because banks won't touch them, too risky) or - wholesale the deal.

A common strategy is to keep California properties in your personal name with insurance, then put your Texas properties in an LLC, keeping the states separate.From a tax standpoint, it doesn’t matter much whether you own the rentals personally or in an LLC—your depreciation, expenses, and bonus depreciation still flow through to your return.

Is it tenant in common, Tenants by the Entirety, or as Joint Tenants with Right of Survivorship

Assumptions on taxes and insurance are also common mistakes.

Quote from @Franklin Marquette:I own a property with some friends as tenants in common. 

heheI miss the Midwest's "simple" mentality of my common folks.Even tho, as you mentioned the weather can get brutal.It's always a tough gig to do deals from afar unless buying turnkey.Even then, turnkey is not worth it unless the portfolio is big.As soon as you can, move to the market you want to invest in and with time you might become "institutionalized" to it just like I did with Toledo hahaI put Ohio Cashflow on the back burner 3 years ago as I got burnt out on working with investors lolWe only sell from time to time to our existing book of business and if I like the specific investor hahaI list most deals on the MLS and once sold, I clean my hands.No need to babysit the never satisfied and disgruntled landlords expecting retirement from 1 turnkey property...Unfortunately, it is what it is and I ate $#@% for many years before I said enough is enough heheOz Realty has been the bread and butter for us and our main focus since we shifted focus.Crazy that I'm even typing this as I hated PM for many years and considered it just as the "necessary evil" in order to offer a turnkey product.Now, if I could turn back time, I'd never do turnkey and would only do PM hehe.Everything happens for a reason mate.Granted, it took 7+ years to create a lean and efficient PM machine heheI'm in Toledo every month for 7-10 days so feel free to hit me up whenever you are in town.All the best mate 🙏 @Engelo Rumora , haha, a new book would be valid for sure, as things do change fast in this world, looking forward to it. 

I would take brokers out to dinner, get to know their families, and find common interests, like I did with the fly-fishing broker I talked about at the start of this chapter.To streamline the underwriting process and ensure consistency, I implemented a model or spreadsheet.

So in my case, the down payment didn’t sit as equity until after the loan was finalized and the funding came through.Hope that helps clear things up, Everyone’s deal structure can vary, but getting the financing secured first seems to be the common approach.

Common fees that could be in the contract: - Collected late fees - shared 50/50 with manager - Lease renewal fees  - If allowable by law, your manager negotiates renewals at a 1-1.5% of the lease value. - Mileage - Some PM's like charging mileage associated with the building. - Tech Fees - Usually $3-$5/unit a month - Printing and Postage - Only as needed.