That is basically an extra tax return, legal fees for setup, bookkeeping costs (if you aren't doing it yourself), possibly an umbrella policy.

I recently had a landlord at a workshop who owned and managed a portfolio of low end properties for over 30 years, he is basically broke and can't retire.

They all have the same basic features and you don't need any of these crazy enhancements.

After assessing the property and its proximity to other investments in my portfolio, I negotiated directly with the seller.

Are you providing a service to help the tenants abide by the contract and basic living standards?

My question is a very basic one .. 

@Jon Taylor I agree with those basic generalities.

I'm fairly confident from reading online we don't qualify for an exemption, but I'm trying to assess actual closing costs to trying and reduce them All details:Bought the house 2.5 years ago for $980K (left on mortgage $753K), we have a clause for an assumable mortgage for me to take over (I can keep same rate).

Plus if you bought with all cash from the proceeds of the sale you would be trading down in asset value quite a bit.Depending on the refi rate you could consider keeping this and refinancing it to pull some cash out which you could use as a down payment on another property.Just some thoughts, hope they help the issue with the refi is those rates at the new loan if i do a 75% LTV will almost overcome the cash flow its producing now and basically get to a break even point.

First, as Jonathan noted, the Hands off investor is a great resource to start thinking about what you are getting into and the basic diligence that is needed.You noted Passive Pockets.