Also, write an extension to the lease specifically stating what the tenants are responsible for and what are you/the landlord responsible for.

That means that if a property is priced very low, it can be hard to get enough money for the extensive renovations that would be needed.

I had told him that I have done plenty of extensive research, ( I have even interviewed 3 real estate investors)  and I am finally ready to move on to down deposit mode.

Hi there, I am ready to rent out two apartments after extensive renovations on my first rental property in Jersey City, NJ.

@Jeremy Woods if we really want to get in the weeds...An LLC owner can be held personally liable if he or she: personally and directly injures someonepersonally guarantees a bank loan or a business debt on which the LLC defaultsfails to deposit taxes withheld from employees' wagesintentionally does something fraudulent, illegal, or reckless that causes harm to the company or to someone else, ortreats the LLC as an extension of his or her personal affairs, rather than as a separate legal entity.Wouldn't buying in your name then transferring to the LLC meet the two bold comments?

While experienced investors have occasionally found the 'diamond in the rough', it takes a lot of looking, knowing where to look, having extensive contacts (of the right kind), and the knowledge and experience to recognize the real deal.  

But since most refuse to follow common sense advice, and gotta get a good healthy dose of a bad tenant experience in order to learn, consider doing the following:   Collect or you pay 75.00 and do a more extensive background check.Require a $500k non-refundable Pet "Fee,"  Not a pet deposit, but Pet Fee. 

I can not express more to use an agent and select a title company and loan officer (if applicable) with extensive experience selling HUD homes.

Luckily the seller was a friend of the family and it was no problem getting contract extensions. 

As far as I'm aware sellers have no obligation to warranty the condition of the home after a sale so long as they disclosed known defects.On the upside, it doesn't sound like that extensive of a repair and likely one that wouldn't be worth filing an insurance claim for anyways.