Some tenants will shape up if they see the new owner means business (paying rent on time, etc.), so it's important to enforce rental agreements when you take over. 

I am using the RentRedi software, and it suggested that we receive rents using a business checking account and not a personal bank account.

From a liability perspective in Florida, it's advantageous to have a limited liability company own the property, especially considering that you are getting into the real estate business and intend to acquire numerous properties. 

I personally hear from tons of people who think the market will come down, due to the struggling middle class and the fact that it will get worse.

Also, I would personally get rid of the dishwasher as well, 1 less liability to worry about.

From CSLB:This section defines what an owner-builder is and the laws surrounding the practice.An owner-builder is what the term indicates: a person owns the property and acts as their own general contractor on the job, and either does the work themselves or has employees (or subcontractors) working on the project.The work site must be their principal place of residence that they have occupied for 12 months prior to completion of the work.The homeowner cannot construct and then sell more than two structures during any three-year period.Getting a GC license and going Legit is pretty difficult.

I'm not.The way around it is a single-person LLC owned by only one person and not their spouse.

My business partner spent over six months negotiating with the seller and we ultimately purchased at a 20% reduction from asking price.

I have access to others of like mind that can help me put syndicates together to purchase larger apartments.Outside of real estate, I'm busy as a CFO to a large dental practice that my husband owns that brings in capital for us to invest in RE... and I love taking care of my girls that are 16, 13, and 9 and teaching them all about passive income investing via RE.

I think we charge about $50 per application for every person over 18 years old.