First House

[Justin O'Kelley]

I am currently in the 10 day inspection period on my first rental property and have found that the roof has three layers, which is troublesome for insurance reasons and the foundation (block with crawl space) is starting to lean out.  The foundation will probably not be an issue except if I ever try to sell, but the roof will have to be stripped and replaced ($8,000 +/-).  I know that I am excited to get started and would like someone to comment with what they would do.

P.S.  The house has tenants that pay $500 a month and the mortgage will be $250-$300 a month.

Thanks guys and gals,

Justin