Remember that if you later take over and manage it yourselves, you'll need to start a new account from scratch - your previous reviews with that property manager won't transfer.

Got it.What we include in the process as well, is "how best to protect yourself from the "due on sale", what happens if the renter stops paying, what if the seller won't vacate, how to get a title report, why to not use a real estate agent, how does this affect my taxes, what makes for a good deal, what exit strategy to use, how do I hold title, what happens when the seller comes back later and demands to be taken off of the loan, how do I hold insurance, what happens when a roof or waterheater need to be repaired or replaced, and on and on.

We currently use an insurance broker that covers while in rehab and then adds loss of rents later once applicable, but communication is difficult when there is a broker involved.

Find the right deal and take action sooner rather than later.  

We purchased the property for $793,000 in 2020 for cash, and then financed a mortgage for building the second house later that year for $450,000 at 3% on a 30 year.The property is worth about $1.8m now, with a mortgage balance of $420,000.  

We bought our first duplex in 2016 with 100% financing (mortgage + heloc for downpayment) and are making great cash flow on it 8 years later. 

Furthermore, I later discovered that the property was located in a C- neighborhood, which was not disclosed upfront.

Interest only on 30 products used to be decent but now for what you save in the interest only period you really pay the price later when that period ends.If you are getting under value by 30%, then a plain FRM should work fine. 

I get mine around the second week of the month, sometimes a bit later. 

We did use a high-grade vinyl plank flooring over the concrete floor down there, just in case, but years later we can say there have been no more water issues.We also plumbed in and installed a laundry room, purchasing twin pairs of coin-op Speed Queens.All of those renovations allowed us to go up-market a bit, from the prior $160/week to $180/week within the first few weeks on the incremental rehabbed units.