. - Two of the best books you can read (and re-read) are Rich Dad, Poor Dad and The 4-Hour Workweek.

If you list a $35 late fee/mo  then that is for every month the rent is late. don't pay january $35 ,  still not current in February another $35 I reread my lease a few more times and came ot that conclusion.

Here's the play-by-play so far:I have an equity partner that is providing all the financial resources while I act as the active investor for our partnership.After some trial and error I found a great agent and lender.Saturday I found a deal on the MLS and asked my agent to go after it.Tuesday I offered $275k on a SFR in Loveland, CO listed for $319.5k ($118/sqft)Wednesday we got a counter-offer for $316.5k with the selling agent kicking an additional $1k of his commission to us at closing = $315.5k actual price.Wednesday I immediately accepted the counter offer.Today reread the BP Book on Rental Properties chapter on Due Diligence (thanks @Brandon Turner!)

@James Hamling, received, re-read, and understood. 

Then, I’m now focusing exactly on what I think suitable for me.Remember that in the US things are different from state to state etc .for example, imagine if you buy turnkey home and the provider assists on LLC setup, et .Just a thought because I was on the same boat as you and I was glad I didn’t spend the money setting up anything until I was sure on what I’m looking for 😃One thing you can setup at any time is the bank account but needs to be on person (or power of attorney) and it doesn’t look like we will travel any time soon.My suggestion:Listen to podcasts - Biggerpockets is a great way to start and you can learn a lot of the terminology used in RE, read books on real estate investing from there you will start getting more and more curious.Don’t jump on the same boat as others but act based on your knowledge and on what Is best for you.People here are very willing to help, which is great .

Never mind i re-read the thread and you had said you put the extra 20k in yourself. 

Tim Hackett , I'm rereading what you wrote above as I'm on my way to the interview.

Rereading your question, here is an answer to #2, which hasn’t received an answer yet.

For an old school RE read, I liked Nothing Down by Robert Allen.   

I specifically addressed this fallacy above - reread it if needed.