But if this would pull focus from family, there’s no harm locking in a solid long-term tenant this winter and revisiting the MTR idea next year — especially since you’ll still own a great unit near a hospital when you’re ready.5.

Effective management means inspecting the building and making sure there are no health or safety risks including defects that will cause premises liability exposure,  frequent physical presence to spot premises liability risks that arise and quickly eliminate them, good communication skills, treat tenants fairly and with respect and exceed implied warranty of habitability standards, understand fair housing laws, use contracts clearly define scopes and responsibilities and  shift liability,  hire licensed and insured vendors and where appropriate obtain endorsement naming the property owner as additional insured, understand the local licensing and permitting requirements for building  improvements and renting real estate and make sure they are followed,  carry the appropriate insurance coverage and avoid conduct that would be listed as an exclusion (normally following through on everything above covers this). 

That is a lot of money for linens in that short of time, unless there was a specific event that caused it.  

They collected management fees for vetting members and facilitating payments, but when their vetted members caused over $9,000 in severe damages (including biohazards), PadSplit claimed they are 'just a marketplace' and refused to reimburse me.

Here's some copy & paste info to think about:----------------------------------------------------------------------------------------------The Real Estate Crash of 2008-2010 caused real estate prices to crash across the country - but didn't affect rent amounts.

What if you screw something up and cause a loss or a lawsuit?

Then you close on the loan after a nightmare month of back and forth of docs, emails, spreadsheets, loan terms...you get the project under way and now you have to front the contractor another 10k - 20k to get started cause the rehab money is locked up until work starts getting done.Then you deal with the draw process which totally chokes the rehab process and prevents the GC to really get a rhythm of work going. 

Cause then you just need an estimate of how many sheets a house needs, and you get that number by dividing the number of sheets by the square footage to get a rough estimate and now when you look at a house that is 1800 square feet you'll know how much floors are per square foot, the sheetrock, the paint, the demo. 

As arrogant as this sounds BP was not the cause of me finding this deal. 

I was focusing on traveling nurses cause I thought they would be the primary focus of tenants. 2 years later I yet to have a traveling nurse at my place and am always booked.