New to the rental property game

[Carlos Cuervo]

I’m currently on the look out for a property to make into a rental property. I’m just running into a couple things I have questions about.

1.) I am a very mathematical formula depending human being... & so that causes me to ask how do I implement into the monthly payment of my tenant.

The house monthly mortgage $ + the 1% rule $

(If you know a formula this would be the time to tell me pleasssseeee & thank you greatly)

2.) Do I need to meet any requirements in order to make contract deals for 1-year with my tenants?

(If so, how do I go about meeting those requirements.)

3.) what % of interest does one normally need to pay a private investor?

I have someone who is interested luckily, but I don’t want to low ball them. So I just want an over all average.

4.) What’s a good way to lower closing costs?