After reading over the bigger pockets forums it has become apparent how important it is to get the contractors plan of action and budget written in a contract, so we will be sure and get that taken care of properly.

I wrote an article about the benefits of partnering in real estate and in it discussed a lot things to look for in a partner.http://www.biggerpockets.com/renewsblog/2012/06/19/partnerships-benefits-team-real-estate-investing/To sum it up you need someone that you can trust and know cares as much about the success of the partnership as you do.

So be careful.

As landlords ourselves, we know to take care of property and pay on time.

Obviously you won't be collecting as much rent but then you won't have as high expenses for that unit either, as you'll surely take better care of it than any tenant would.

Josh I have talked about this many times.On the residential side all these scammers used to exist.Sell the loan off so they didn't care and closed up shop when it fell apart.Now that residential is under huge government regs they have all moved to the commercial side.All of these people advertising many are just helpless point and fee takers getting sucked up into the scam.Many of these so called lenders are not lenders at all but mills running due diligence fees,insurance fees,deposit fees etc. and then say they can't fund later on to deny the deal.I have found direct lenders are very hard to find and I find one of those for every 20 scammers.As a buyer you do not pay upfront fees except for appraisal,survey etc.You can talk to these scammers on the phone and can tell by what they say they are not a true lender.I do very heavy lifting to make sure my lenders are real and I am not dealing with a middle man to protect my clients buying properties through me.Any company claiming to be a lender that will fund anything is more of a conduit (middle man) taking fees.A reputable lender will display recent closings and details of the loan.They will have very detailed rate sheets along with terms and conditions of the program.Any points will only be paid at closing when they perform.Many of these lenders will be highly specialized in a particular asset class and not broad in scope.The interest rates from legit lenders will be very close in percentage rate and LTV's.The difference being in how much money they have to lend and what loan size they specialize in and recourse versus non-recourse etc.Many lenders can promise but very few can deliver on the rates promised and close it.

Carefully figure out how much you think that will cost you.

Homes sit longer which creates more stress on the properties (theft/kids partying, etc.) causing lower values.All cash buyer investors turned 'em into rentals and, we know, renters have a less chance of taking care of the properties then OO's.Way to go.

Yes the insurance has taken care of everything.

I certainly don't want to loose her as a tenant...she pays, she takes care of property, she's clean.