It is a quarter acre lot very near the lake, but is not lake front

We have black clay where I'm located and it contracts and expands quite a bit when its really dry and then gets wet.

I do quarterly inspection reports for mine, but rarely do owners take any action on the recommendations.

John Thedford,Actually I'd rather owe the IRS than owe on a credit card. http://www.irs.gov/uac/Newsroom/Interest-Rates-Remain-the-Same-for-the-First-Quarter-of-2013Where they get you is the penalties!

There probably are, might be a quarter mile away but there are.

While you didn't direct that to me....Yes you could, I wouldn't make it so obvious setting the rate to IRS minimum, and it fluctuates quarterly I believe..... 1% above as a margin as an adjustable annual rate is more believable IMO.There is no problem with a note and an annual payment, even interest only annually, the easiest way.

Also, they should allow you another unit, as most areas of the country now have a policy of allowing in law quarters, but they have different policies regarding them.

Drosthttp://www.frpmrentals.com/http://www.boiseinvestmentproperties.net//First Rate Property Management, IncBoise, ID Market Update On Rents And VacancyBelow are the results of the SW Idaho Chapter of the National Association of Residential Property Managers 4th quarter survey.

Financing will be 30% down ($10,500), 6% for 15 years with a payment of 206.74Expenses monthly are:-Taxes $115.66 currently-Insurance $52.25-Maintenance (10% of rent) $93-Utilities ($50 per quarter, per unit for water and sanitation) $33.33-Management (10% of rent) $93-Vacancy (10% of rent) $93Once I take my expenses and debt service from my gross rent, I'm left with $243.01 cash flow for a 27.77% COCR.

Expired listings from the MLS may yield you about a quarter to a third of the contacts in some sale arrangement, try to hit them up as they expire and don't go through an agent.