It isn't overpaying, rather it's defining the value placed on the property in real dollars.

I can use some advice on this one... I took over an existing tenant who frequently asks for repairs, or has complaints about the property. The property is a nice, well maintained property in a nice part of town. Some ...

I'm relatively new to RE, but have recently made up my mind that it's going to be one of the main components to my long term wealth building strategy.

Or better yet, a solid and well defined legally sound lease that has Minneapolis Metro,  Minnesota specific terms in it?

Once the property is under contract I have it inspected to determine the current condition and life expectancy of all major components and appliances.

Define your plan, work the plan; learn from mistakes and you'll be fine.It's only as risky as you want to make it.  

I'm currently using AmRent for credit and criminal checks and they claim to have a manual eviction search capability but I haven't used that component yet.

Geez man I hate to come down on you cuz you are in a situation , but you don’t even understand the most basic components of using the brrrr strategy .

You mentioned ultimate goal financial independence so have you really defined what that means and how you want to get there?  

There is about $50,000 in repairs that need to be done but he is including a $50,000 "gift certificate" to cover those repairs, which is pretty sweet.I definately know I can make a profit fromt his home when I put a buyer in it, but how can I convince him to go down below $1M?