They see other people looking at same house and it drives a sense of urgency for them to apply right away.I charge a $40 application fee and then run background checks at www.residentresearch.com for $26.00Charge a higher deposit than one months rent so that they are encouraged to pay last months rent and leave place clean at end of lease so that they get deposit back.

Really excited to get more involved and I appreciate all of the nice welcomes!

I am sure you can find similar properties up there to gauge rental prices and interest but if you plan to use it on popular weekends you may fall short of your expectations.If this may involve many family members I think the first step would be to make sure everyone is on the same page with whether you are going to rent it, when you will be trying to rent it, and how long you plan to hold the property.Many of these seem to be setup in a family trust or Family LLP with an operating agreement which I am sure you can handle. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

I have a problem with the way some colleges prepare students for "life," and am looking to get involved with Real Estate investing.

There is plenty of lenders out there now but most of them want to be involved in a good deal.  

I would also include provisions covering daily clean-up and protection of materials and contractor's tools, and adhering to all standards of safety as required by OSHA and state and local law. 

You also want to be aware of any self-employment taxes that could be looming.You'll also want to get a CPA involved or a tax attorney from a tax standpoint... what sorts of estimated taxes do you need to pay, what kinds of cash flows can you expect.. 

When they moved in, I agreed to replace the oven, because it needed some serious cleaning and was about 25 years old.