Probably not, but I bet you have learned this business by experience and trial and error to have 19 doors.

Underwriters and loan officers are often viewed as “obstacles”, I personally think they can be guardians for rookies.

The caveat was the rent was set at below market and fixed for the 5 yrs (rookie mistake).

Then there is errors and omissions insurance and that depends on your brokerage.  

Yes, that's a professional liability exposure, and it would count as an "error or omission." 

if you self manage you may be able to keep expenses trim at around 30%, if water/sewer is direct billed, i wouldn't pay more than 130k due to market, how small it is, and lower lot rent. and that is based on 50% expense ratio w/ 10 cap applied with more conservative expense ratio to build in a little bit of room for error.

As a newer investor I would look into targeting appreciating areas, where their is more room for error.

There was lots of shoddy work done in the past.For the misinformation, it could any combination of the seller providing incorrect information, error(s) the broker made, or just simply me not understanding what was presented.

I am brand new to all of this and fully acknowledge my rookie status and near-total ignorance.

Hello Everyone, Alfredo D here from Houston, Texas. As of right now, I'm interested in buy and hold rental properties (single family & multi)in Houston and surrounding areas, eventually plan to branch out. At the ...