First Property Check List

[Eddie Werner]

I am looking to purchase a 50-60k apartment near my home. Pending I find the right one where the numbers add up and I can make a small profit, is there anything I am missing from the below check list?

1. Research property and expenses to make sure it turns a profit.
2. Purchase apartment.
3. Write up a lease and start advertising the apartment.
4. Have interested renters provide information for a thorough background check. Inform them of all costs and security deposit.
5. Upon accepting a renter, inform them to change all utilizes to their name.
6. Keep track of all expenses relating to the property.
7. When taxes roll around, claim all profits as extra income.

I know this is basic but I am looking for a step by step guide that I can follow up on and research each step in more detail. For example, is there anything else critical I should do when taxes come around? Any insight here would be greatly appreciated. I would like to purchase an apartment within the next 12 months.