Once you get your first property generating cash flow, it becomes easier to scale over time while managing risk.

For each line item, generate your best estimate based on your own knowledge and basic research.

Late fee calculations, payment reminders, and having tenants submit maintenance requests through a portal instead of random texts at 11pm.

Let's say the business generally generates 600k annually in net revenue.  

They had no problem with my random small town banks.

When we're gone, the next generation can get a step up cost basis and also eliminate all the depreciation recapture. 

Just pull random multis off the mls and run their numbers.

Quote from @Lisa Annitti: Question - If you were a NJ resident starting out investing for the first time with no capital (HELOC is an option), what city would be a good 1st investment where I can generate cash flow and that has good tenant retention?

The numbers are still attractive, but only if you understand how returns are really generated.

For building a buyers list quickly in virtual wholesaling, what usually works best is focusing on active investors first, not just random signups, so think local investor meetups (even virtual ones), Facebook investor groups in specific markets, BiggerPockets profiles where people openly say they’re buying, and even calling landlords who already own multiple rentals in the areas you’re targeting since they’re often repeat buyers.