Typical Rental Property Expenses

[Valerie King]

My goal is to start with a duplex and have it financed through an FHA loan.

Having money saved for the down payment is obviously a first step. But what do you recommend I have saved in addition to that? What list of fees should I be considering, even before we get to thinking about unexpected maintenance that may arise once myself and my tenant are settled in. (For example, off the top of my head I can think of the down payment, attorney fees, closing costs, CPA fees (but what would I use a CPA for?)) 

And as far as credit cards go, would you recommend I have one for personal and one tied to the property? Are personal loans smarter for unexpected occurrences than credit cards? Is it better to get the new credit card right after the purchase is finalized so my temporary credit score reduction from getting doesn't happen while my credit is being vetted by the loan providers?

[Adam V.]

Credit cards can really get you in trouble early on; I wouldn't view them as a tool for the early investor.  If you have to resort to credit card debt or personal loans to replace stoves/furnaces/dishwashers etc.. then you are already in a bad situation.  Plus credit cards wont pay for a tenant who stops paying.