If we don't do something like what I have outlined above, I think we will be stuck here for a very long time, and that is truly disheartening. 

It doesn’t have to be fancy or require a team of lawyers to look it over  just be sure it outlines the facts ,has a date ,and you get signatures  

In the picture below, the property is outlined in blue and the gas station in red.From an environmental standpoint, is this too close?

3/5/2019Sherelle – thanks for the post / questions and outline Fyi – there are some conventional loan programs that allow a 3% down payment ….I would recommend using this program versus a fha loan program if possible …this is because with a FHA loan the monthly mortgage insurance remains with the loan permanently and with a conventional loan – you should be able to eliminate the mortgage insurance in the future ……Also – if you use a FHA loan for the first home - using a FHA again for next property might be an issue …..you allude to this in your question #2Regarding cash flow analysis ….other items to factor in : utilities / property homeowners insurance ( this will be a little higher when you live in home and should decrease a bit once you convert it to a rental policy / are there any deferred maintenance issues on the house ( roof / furnace / water heater / foundation are the bigger tickets items to watch Definitely get pre approved so you know for certain what you can afford and also so you can begin becoming more familiar with the numbers …we can assist with this if you want - contact us Thanks and I hope this helps Dave Skow 

I would suggest a good SOW (Statement of Work) and some form of agreement if you want to get formal that outlines your expectations, like when the contractor can expect to be paid, project timeline to complete specified work. 

They build in extra padding, so the unexpected does not derail the entire project.When creating your budget, make a room-by-room outline of work needed and estimated costs.

I have a spreadsheet outlining the major differences between the pms based on their property management agreements as well as out of state owner investor feedback for each. message me if you're interested in seeing it!

To be frank, the traditional view of obtaining wealth as outlined in the millionaire next door is almost depressing to me in a way.

That should all be outlined in your purchase contract. 

@Eric Fernwood  good points.. .the area you outlined is one of the most affluent in the entire Vegas area..