I am here to learn as much as possible so I am not wasting peoples time or more importantly their money!

@Stuart Udis I understand the importance of having the funds for repairs, vecancy and any issue that may happen.

What are some things I should include in the lease?"

I own 32 properties myself and have bought and sold over 300, including a few apartment complexes.

If you're looking for cash flowing markets.. a lot of investors, including myself, are looking in cities like Cleveland.

It needs to be enough $ incentive to get them to stay, that's important.

CA, in total continues to lose 100k's of population and continues to add onerous legislation, including the state rent cap they passed a few years ago (doesn't apply to sfr's though).I am not sure why anyone would want to jump in the deep shark infested waters right before feeding time, unless you have a clear proven strategy, or a very long time horizon.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

. $150k down, 5 year balloon, 8% interest, no inspections, repairs, or appraisal, $20k over asking, and most importantly.

While there is no statutory holding period to qualify, it is important that you be able to demonstrate that your intent was to hold.