As you begin your REI journey here is one tip I have for you:Use this website as you are trying to narrow down the places you want to invest in. https://www.areavibes.com/Its awesome because it gives you a "total livability score" & you can compare different zip codes & streets to others. 

Companies like State Farm, Allstate, or Chubb often come up in conversations, but comparing quotes with independent brokers might give you the best value.Since you're in a general partnership, it”s critical to clearly define liability exposure.

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?

Sales comparison A common method that compares the property to similar properties nearby and their relative prices.

Just don't make the mistake of comparing what someone else profits on a role, to decide whether your compensation is sufficient or not. 

Based on comparable listings recently sold I think closer to $650k there would be more interest.  

When I say i've never had this issue, I mean- Even in the D class neighborhoods i've owned properties in, i've never dealt with vacant apartments for this amount of time.If you're comparing the 40 unit building next door to mine with security, it's sort of like comparing apples to oranges.

HUD and Agency financing is another beast compared to conventional or non-bank lending (Secondary Market).

The bank does still ask for my tax returns each year and with each deal and my adjusted gross income last year was comparative to your stated cash flow from your rentals.

I have one I have drafted up but would love to compare against others.What are some items you always included in your MTR rental agreements?