@Brad Larsen Reading this, I seem to have a pretty awesome PM. ;-) Actually, I know that.

I am currently trying to get it ready to rent but I honestly, don't know where to start and what to do as a land lord.

I live on the North-side of Chicago and on the news it seems like someone always getting shot/killed on the south-side.I mean does anyone work Full-Time and still do Land-lording?

Personally I wouldn't do it.I want to control the area I am investing in to preserve values as much as possible.I have seen many landlords and the range of how each works is mind boggling.Some are slum lords and know it,some do an okay job but think they are the best thing since sliced bread,and then a few actually keep up their properties really well.I would buy the whole building or no dice.The 2 unit you are looking to buy you could contact the landlord next door and see if they want to sell.

Thus far, it's been an enjoyable land to lord. ;)

Originally posted by Brad T.: Mobile homes depreciate.

@Brad SteeleHonestly that is why I have a "buy out" clause.

Thanks for the tip, Marc.Good to know a fellow land lord.  

Brad - Thanks for your response.

I've been a serial renter, and have been fortunate to have good land lords (have a 200 year old oak fall on your roof at 5am, and you really learn who you are dealing with, lol) who have shared some of their insight over the years.