What to do before making your first offer. (Please contribute)

[Jacob Barnhart]

I am creating this thread as a resource for both myself and anyone else who may happen upon it, so please feel free to contribute! I will try to continue to edit the original post with answers as new answers come in.

(Hypothetical scenario)

I have found the perfect 1-4 unit home for my first investment. What steps would be smart to have completed before making an offer on this property? and How do I go about completing each one?

List thus far:

Determine vacancy rates in my town and that neighborhood specifically.

*How should I do this and what should I know about this step?

Determine an accurate insurance price on this property.

*How should I do this and what should I know about this step?

Determine an accurate property tax.

*How should I do this and what should I know about this step?

Property taxes can often be found on tax assessors website for your county. My county does not have a website for this so I rely as much as I can on Zillow.

Determine crime rates for the area.

*How should I do this and what should I know about this step?

Your police department may have records for crime rates, and other statistics that could be of use to you.

Determine if you want an LLC, other asset protection, or none.

*How should I do this and what should I know about this step?

An LLC can be a good way to protect yourself from the backlash of a lawsuit, but many banks will not give out loans for properties that are company owned.

Set up a checking and savings account and possibly another savings account for security deposits.

*How should I do this and what should I know about this step?

Set these up under your business if applicable. I assume if you do not have a business license this is okay to do under your name, but please correct me if I'm wrong.

Create/Gather all forms such as lease agreements, rental applications, acceptance letters, denial letters, move in/out checklist, pet policy, lead paint disclosure, rules and regulations, deposit receipt, legal notice to pay or vacate, legal notice to comply with lease, notice for landlord to enter property, instructions for move-out, disposition of deposit.

*How should I do this and what should I know about this step?

Visit the neighbors and see if what they think about the neighborhood, or just to meet them to see if they are decent neighbors.

*How should I do this and what should I know about this step?

Talk to the owner of the property and make friends with them if possible and ask them questions such as why they are selling and how fast they are looking to sell.

*How should I do this and what should I know about this step?

This information can often be found on the county tax assessor website or by contacting the tax assessor. 

What else should I possibly be doing before making an offer on a property?

I have very little knowledge regarding much of this (obviously), so please correct me if any of this is inaccurate or just completely false.

I realize all of this does not need to be done before simply making an offer, but it certainly wouldn't hurt.