There is no guarantee that the next tenants will be better or get along better.Examples:Operation, Maintenance, Storage, Alterations to Premises: On a continuing basis, tenant agrees to: Keep premises in a clean, neat, and sanitary condition; no parking, storage, or accumulation of debris on lawn or yard.Not store non-operating vehicles, nor boats, RV’s, motor cycles, trailers, firearms, equipment, tools, hazardous materials, liquids, paints, fuels/oils or chemicals on premises without landlord/agent approval; no waterbeds

It is a lot harder to find enough profitable deals in the area to accumulate a sizable portfolio. 

Hi @Brandon Shaw Thats a good list already.... heres the File link for some checklists and other files the BP community has accumulated. https://www.biggerpockets.com/filesThis should help a bit by not reinventing the wheel as much.

Non-real estate investments (like a bank account) are based on the accumulate and draw-down concept while real estate is based on the accumulation of income streams.Accumulate and Draw-DownThe traditional investment concept (stocks, bonds, savings, CDs, 401Ks, etc.) is to accumulate enough capital at one time so that later you can draw-down (withdraw) funds over a period of time.For example, if you put $5,000 in the bank and draw $500/Mo. it will last you 10 months.

I recently graduated from Montclair State University as a Business major, and have to decided on real estate as my vehicle for accumulating passive income.

I'm soon submitting LLC paperwork and need to speak with CPA and Lawyer familiar with RE investing (flipping and portfolio accumulation).  

We have a vacation rental in San Antonio, and the numbers look something like this:Market Value of the Property By Itself:  $166,000Value of Furnishings, Appliances, Etc:  $17,000Net Income for 2015:  $21,000 (converted to a short-term rental in March of last year)We have accumulated a great portfolio of reviews, etc, but we're are looking to utilize the proceeds from the sale of this rental to re-invest in a commercial property. 

You will probably have to go out of the area to get started on limited funds and after you accumulate more funds and/or resources and invest here later down the road.

Monopoly taught us a valuable lesson we took for granted in terms of green and red houses and hotels, but the real key to the 'real' game is to change your perspective from being an earning employee to an entrepreneurial acquirer of assets - through your lifetime, and ideally, onto your heirs lifetime(s).Focus on asset accumulation, whatever the vehicle or vehicle(s), and you will see a vast horizon beyond your current 40k mental construct. 

Since the borrower doesn't have the deed (it's held by the county trustee), you don't need to have a judge hear the case.Second, for non-performing notes I prefer states that have received Hardest Hit Funds since those funds can be used to pay the lender for any arrearages the borrower has accumulated.