The previous landlord could not answer basic questions properly about him.

The senior planner basically told me that I had the right idea, but that the city wasn't set up for it.

Hi @Robert Leitner, You could do that, an eviction for nonpayment follows the same basic process either way, but month-to-month reduces your risk and exit timeline if things continue to trend the wrong way.

You will probably lose 10% to slippage and closing cost which would give you about 25% margin at the end of the day less any income taxes and carrying cost. that is just a basic rule of thumb I could show you some deals that my return investment is smaller and some that is much larger. when factoring things in do not just look at the margin on the deal.

Great question, and you’re thinking about this the right way.From a tax perspective, you don’t need the property to be rented by year-end, but it does need to be “placed in service,” meaning it’s ready and available for rent, photos taken, listing live, utilities on, and basically ready for guests.Once it’s placed in service, you can do a cost segregation study and take bonus depreciation in that same tax year, even if no one stays yet.If you can close and have it ready before December 31, you can still claim those 2025 write-offs.

Now you are basically financing 100% so you must be very careful here to ensure finances are in order or you could end essentially gambling your primary on your secondary. 

So, basically the price is very low for a purchase, Great but i do not know your market...However, if HOA fees are $900 / mth and average rent is $1350 / mth ,you will be losing money every month after you factor in all your additional costs such as insurance, repairs, 7-10% vacancy rate and so on.

I have a 30% LTV balance left on my primary with 2.75% - that is basically the rate of inflation AND also a tax write off.

Living in one unit while rents help cover the mortgage is often the most realistic entry point.Before worrying about money, focus on learning deal basics: how to analyze rents, expenses, and what makes a property actually cash flow.Shadowing someone local is a great idea—just know that the fastest way to earn access is by being helpful: underwriting deals, driving neighborhoods, or helping with open houses or rehab coordination.Consistency matters more than speed.

The reason I tell you that is that CRE is typically valued using a CAP Rate (Net Operating Income/Property Cost or Value)...basically what % will the property yield.