It's not about being nit-picky—it’s about ensuring the property is safe for residents.

If rates improve slightly, a cash-out refinance could lower your mortgage rate, but ensure the numbers work with your long-term goals.One thing to consider is your return on equity (ROE).

You must give proper notice before each showing, you must give the renters the opportunity to buy the house first, and the new owner will have to honor their lease if they intend to stay.

Design a clause in your lease that complies with both and ensures you are protected.

Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal level Learn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are needed Know everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

Also, in regards to a per diem, I'd like to be a bit more optimistic that I can establish the right checks and balances to ensure that the contractor is not skipping corners.

If you have a loan, then you will have to get a new loan to buyout and ensure the other party is not on the loan.

I am orginally from Elgin, but living down in Logan Square area of Chicago proper!

To link the accounts, please ensure that the email address that you have with your BP Pro membership is the same as the one you used to sign up for Invelo.

Like Jake Baker suggested, keep good records and have a dedicated bank account for your property, properly separating personal and business expenses.