Just double-check payment history and terms.Vacant gives you control to pick your own tenant and set rent, but you’ll eat holding costs until it’s leased.

My biggest worry is vacancies eating into my ROI, especially if I can’t be physically present to market the unit or fix issues quickly.

Closing costs, reserve requirements, and potential payment increases can eat into your returns fast.

I want to set things up correctly from both a liability protection and tax-efficiency standpoint but I’m not sure what the smartest approach is.I want to make sure I’m protected personally, while not overcomplicating things or eating up profits with unnecessary entity costs.If anyone has been through a similar situation—owning properties in more than one state—and can share what structure worked well (or what to avoid), I’d really appreciate the insights.Thanks in advance!

Newnan and Peachtree City are worth a look.Clayton & Henry Counties: More multifamily stock, good proximity to Atlanta job centers, and still accessible price points.Select Atlanta neighborhoods (West End, South Fulton): Higher competition but potential for appreciation and strong rental demand.Red Flags in Fixer-Uppers:Parking limitations and poor layouts (tenants care more than new investors realize).Unpermitted duplexes or conversions, always double-check zoning.Big-ticket deferred maintenance such as roof, HVAC, or sewer lines that can quickly eat up your reno budget.Balancing Sweat Equity vs.

Every time you lose a tenant, you face costs for marketing, screening, and vacancy—all of which eat into your profit.

if you do the math, vacancy will eat into your total rent collected much more than a price drop.

Closing costs and a new appraisal can eat $5K–$7K easy.

One tip: whether you buy or manage, keep in mind that utilities, supplies, and vendor fees are usually the biggest costs that can eat into your margins.

You’re right permitting often eats up time and budget, and that’s where I add the most value.