Any insight on things to outline in the lease to protect myself, & things to go over once tenant is selected?

She outlines the written contract with her PMs on one of the BP podcasts.It's something like this...take 25% of gross monthly rent and use that as an annual "vacancy bonus."

@Hubert Washington - I'll outline below a path you could use.

But what I'm about to tell you is more valuable than any MBA.Everything you have outlined comes down to one critical thing:Creating cash flow.This is the single most important (and also most misunderstood) concept.Consider your expenses.

They are outlined in Chapter 12 of the VA lenders handbook: http://www.benefits.va.gov/warms/pam26_7.aspThe appraiser will be looking at the home to determine if it meets the MPRs basically ensuring the home is safe, structurally sound and sanitary.

I'm not talking about a 30 page business plan but have good outlines of your deals, financials, and understand the market. 

Alternatively it could meet a economic wall that cannot be ignored and come to a very abrupt stop leaving a lot of folks drowning (just ask some of our neighbours to the south how quickly the party can end).Finally, yes, there is still money to be made, but the approach you outline is more speculation than investing.  

Sometimes, real estate investors begin the process without outlining what they want their end results to be.Good luck on your journey to $7000 per month cash flow.  

In case your interested we crafted a unique solution for this one, outline below.We revised our contract with the Seller to $90k purchase with an extended timeframe (luckily they were open to this) to accommodate the traditional buyer.  

It was pretty much a case of where expectations and indeed responsibilities, were not explicitly outlined and documented.