It’s straightforward and locks in the interest rate.

Quote from @James Harryton: Hey, I recently bought my first rental property in Polk County it doesn’t cash flow enough for me to have a property manager so I would have to manage this myself for the time being, however in about 6 months I would want to get a HELOC on the property and use that as a down payment on maybe a multi family and then rinse and repeat, I was wondering if this sounds reasonable or would I have to do something else, and also because the market value of homes are so expensive around me, the 1% rule for rents don’t really work for me thank you so much 

With the new NAR ruling it's making things even more difficult.  

Negotiations were straightforward, with the seller motivated to close quickly, which allowed Partner Driven and Rodney Lomax to secure a favorable purchase price of $180,000.

A good rule of thumb is to ensure that the tenant’s income is at least three times the monthly rent to ensure they can comfortably afford it.The process typically starts by collecting a rental application from the tenant that includes personal details, employment information, and rental history.

I even find myself looking at public records to understand what liens might exist on the property that I might have to assume when purchasing it, and these public record sites are not very straightforward to use.

We have everything you need to manage ready in a can: photography, advertising, application, leases, rules and regulations, smoke detector notices and all other forms you need and background check (we do this a lot).

However, it is only day 1, so I will have to see how it goes and what other lessons I learn.I did also put together house rules, and go over everything with the tenant upon arrival (I did talk about any "rules" during the final interview to make sure we were both clear on expectations), and provided a written copy.

If you see someone violating the rules, create a post with "@moderators" and we will receive a notification and respond.Again, welcome to Biggerpockets and happy investing!

Every states reciprocity agreements are different.As a general rule, the easiest and quickest states to get brokers licenses in have the least amount of reciprocity.