Help on first rental property

[Anthony J Ruma]

Hi family!

I think I am ready to pull the trigger on my first rental property purchase, but I’m looking for some help to see if I have this figured out.

I’ll start with what I know..

My brother is moving to Texas with his GF and to help him out by not having to worry about finding a place, I said I’ll buy one- it’ll help me out also by not having to find renters.

House I’m currently looking at to buy is $75,000, and is a 3/2 @ 1,300sq ft.

It needs some updating/a little rehab per pictures I’ve seen, and thanks to the community on BP I have found a good local contractor, (haven’t contacted him yet) to take care of the work.

So the question is I guess, what am I missing from this post to get help from the BP community? Since I live out of state -CA- should I be worried about what the contractor ‘needs’ to fix? I’m assuming the contractor will not make false claims on repairing/updating certain things since he was referred by the community here, but is there something else I should know/do?

I know the people on here want more information from me to see if the purchase is worth it, so ask away as that’s why I’m initially starting this thread. This will be my first attempt at a rental property for passive income and I would just like to make sure I am doing everything right.

I believe what’s best for me is the buy and hold game plan.

Any help would be TREMENDOUSLY appreciated!

Thanks again family!!