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#106: How do you search for rental properties out-of-state? Should I offer a lease-option contract to my friends? How can I estimate repair and maintenance costs? And can you deep-dive into bookkeeping and taxes for rental real estate?\n I tackle these four questions in this episode of Ask Paula - real estate edition.\n \xa0\n Saul from Salt Lake City asks:\n I'm converting the first floor of my home into a two-bedroom, one-bath apartment. My "hacked duplex" will soon be ready for my first tenant.\n Can you deep-dive into the taxes and accounting? How should I keep records of my expenses, and what should I file?\n \xa0\n Terri asks:\n I'm analyzing real estate deals, but I'm getting stumped about how to estimate the repair, maintenance and capital expenditures.\n It seems like everyone has a different approach for calculating this. Should I estimate a percentage of the purchase price? A percentage of the rental income? A flat amount per unit? Or something else? How can I estimate costs accurately?\n \xa0\n Kirsten from Madison, Wisconsin asks:\n My husband and I recently moved to Madison, but we've kept our old home in Oshkosh, Wisconsin. The home is worth $120,000, and we have a 15-year note.\n Our friends would like to purchase that home, but their credit is bad. They'll need two years to improve their credit situation.\n \xa0\n We're considering renting to them through a lease-option contract. Our mortgage is $950 per month; we're thinking of charging them $1,100 - $1,200 per month on a rent-to-own lease. Do you think this is a good idea?\n \xa0\n Chrissy from North Vancouver, Canada asks:\n I loved your description in Episode 92 about building a team in a different state.\n Could you please further flesh out the steps that you use when you're searching for a rental property in a different state?\n I tackle these four questions in today's episode. Enjoy!\n \xa0\n \xa0\n For more, visit the show notes at http://affordanything.com/episode106\xa0\nLearn more about your ad choices. Visit podcastchoices.com/adchoices