We discussed the parameters of our deal, and put together the outline of what would become our LLC.

When my girlfriend moves in she might pay 280 and then I will be saving for my next duplexKeep in mind that this 4 step process I outlined takes time (anywhere from 1 to 10yrs depending on the person) so keep the big picture in mind but don't let it stress you out too much.

I bet you will be buying a house in no time once you start working with a lender that is able to offer a variety of loan products and outline the steps you need to take.

I've outlined in my profile the types of properties I am seeking.Let me know if you know any good agents who have off-market deals!

The law does not outline such specifics and there is little case law to rely on.We would definitely not recommend that you JV with your IRA while obtaining debt-financing personally.  

One of the things I do is give every potential resident a copy of the application process which outlines exactly what we use in our screening process.A few still set up appointments, but most who wouldn't qualify stop communicating as soon as they realize we actually do check these things.For those who do decide they'd like to look it over, it might actually take a little more effort to get them to sign the lease.

Your organization should have a "collection policy" that outlines the steps you will take and when you will take them.

I've also heard people taking out lines of credit from their own homes to fund their rental property, but I'm not sure if that's a smart move.

And honestly if you follow principles outlined in places like "landlording on autopilot" you can manage a sizable portfolio once you get going

I am not opposed to JVs so much as you just have to make sure the agreement is outlined well through a third party (lawyer hopefully.)