I see way too many Israeli, Australian, Chinese, and Cali investors get taken to the cleaners by stuff that looks good on paper. 

He explained to me that the paper copy quotes he gave me included the $1k deductible, but the insurance company’s policy is to have a minimum $2k deductible on properties in that location.

Great way to shuffle paper and make money out of thin air :)I think the most critical part of this puzzle is the appraisal after the rehab.

Sure in theory the owner just signs a piece of paper saying you can take over ownership and he'll just up and walk away, as long as you pinky promise to pay the mortgage every month, but I guarantee you that there will be more unexpected hurdles coming. 

Tomorrow will be 2 weeks since we turned in our sec 8 tenant request papers at the Sec 8 office.

The day after we get an inquiry from someone who on paper blows this person out the water, far more qualified.

The first appraiser actually did the appraisal as a multi-unit (duplex) but put it contingent on permits and papers from the city/title company.

I'd make a couple of comments:I use Quicken for all my bills, personal and real estate...I have not written a paper check in years. 

Rental income is passive income, plus you have all kind of deductions and paper depreciation.5.

Yes, I did sign a paper when I left and it was all good.