Not sure where to put this, so i stuck it here.
I have a good opportunity to purchase a nice piece of rental property next week.
Already have a tenant lined up. Rent will be almost $200 over the mortgage payment.
The property needs the bathroom gutted and redone, cleaned and painted. After that its good to go.
Everything sounds like its a great opportunity for me to get into the slumlord business...But something inside of me is scared. 2 house, 2 mortgage payments...Kinda freaks me out.
I know any tool I buy, I can say its for the rental and deduct it from the taxes. Anybody chime in and tell me what advantages there are of being a landlord?