As such, some folks here can handle most of all the lingo, concepts and strategies making for fun and fantastic discussion.

Do you know how you will handle late rent?

You'll want to search for a property management company to handle it for you.

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?

Do they pick up or will they require you to contract with a waste company that will supply a dumpster and handle pickup.- If you get a dumpster, neighbors dumping in your bin may be a problem, depending on the location.

I'm unsure how to handle the water heater.

I am currently a capital partner with a company who handles 60+ flips in Florida per year.  

Buying multiple lower-cost rentals would diversify income streams, or you could go for a short-term rental for higher returns if you can handle the management.

A few updates that didn't fit into the above post:The attorney who handled our closing offered to assist the sellers pro-bono in an effort to recover some of the equity.

This will provide consistency and clarity in how you handle your properties.Start by reviewing your current Property Management (PM) agreement.