1. Define Your Investment Strategy
Decide whether your goal is long-term rentals, short-term rentals, land, value-add properties, or another investment approach.

2. Set Your Budget & Financing Plan
Review available cash, financing options, down payment requirements, reserves, and expected monthly carrying costs.

3. Analyze the Numbers
Estimate rent, mortgage payments, taxes, insurance, maintenance, vacancy, management costs, and potential cash flow.

4. Research the Market & Location
Evaluate rental demand, neighborhood trends, nearby amenities, property values, and the type of tenant or buyer the area attracts.

5. Inspect the Property & Estimate Repairs
Identify immediate repairs, deferred maintenance, renovation costs, and improvements that may affect your overall return.

6. Complete Due Diligence
Review title, leases, zoning, restrictions, utilities, taxes, insurance requirements, and any other property-specific concerns.

7. Plan Your Exit Strategy
Know whether you intend to hold, refinance, sell, renovate, or reposition the property before you purchase.