It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

I will be managing and will be paying a real estate agent friend to show the properties for me.

@Aaron Bard- plenty of  lenders  offer  DCSR loans ...contact a  few  for  quotes ...also - dont  pay  any  lenders  at the beginning of the process 

In addition, you would need enough working capital to pay for insurance (which will be going up a LOT in Los Angeles) and to pay for property taxes.Don't buy this unless you have substantial resources and a cash cushion to keep yourself safe.

If they failed to pay the bill and utilities are shut off, they are responsible for any damages caused.

You have to disclose all of this when you sell, so you will end up paying your plumber or discounting to your buyer.

Tenant shall pay the flat fee of $_______ as an Early Termination Fee, which shall becomeimmediately due upon a deceleration of Default.

@Dillon Clark-don't pay extra down on your mortgage-don't use a HELOC-save up as much as you can-hope this helps

Most landlords wait until the tenant stops paying rent before learning how to deal with it, and they are always behind the curve.

That way you have it available but aren't paying on it right away.