So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?

In our still relatively limited experience, seller financiers are usually looking to get a higher asking price in exchange for the favor of the private loan. 

We go above and beyond when it comes to protection.. starting with insurance coverage, sings in the listing and in the property that there is no guard on duty (as silly as that sounds), putting extra locking device high enough so youngsters can't reach, an alarm/beep system to alert them that door opens for those with small children (or elderly) so they cannot wander out in the backyard with no one noticing and risk drowning.

.: Foreclosures usually have a lot of "hair" that goes with them.

I've lived in Alaska, Idaho, Utah, Arizona, and California(current residence), and analyzing deals in my "back yard" at each location usually ends with me paying out of pocket to own a rental. 

The airfare, though, is usually 100% deductible even if you mix business with some pleasure.

Prepayment penalties- usually 1-5 year terms.

But with the second home the $600 in extra rental income is enough to pay towards an equity loan.

The least states:"Tenant shall pay a "late charge" not in excess of five (5%) percent of the amount in arrears for each month the arrears remain unpaid if any Rent is paid more than ten (10) days after the due date thereof, to cover the extra expense involved in handling delinquent payments.

This would obviously reduce my cash flow on both properties, as I would be paying the minimum HELOC payment plus extra towards the principal to pay it off quickly.