Here are a few common mistakes startups make when purchasing an investment property:They calculate expected annual gross income based on 100% occupancy rates.Poor property management results in tenant turnover.High vacancy rates cause lost rent.The local rental sector is experiencing a downturn.High maintenance or repair costs eat into profits.Getting rental rate wrong—either not charging enough or charging too much.Before selling your rental property, it’s crucial to determine the reasons for lost rental income.

If it's a tenant obligation, you aren't (unless your state laws still obligate you :)Verify with the locksmith the cause of the defect (if possible to determine) and the cost of the service. 

You're going to want to start by checking with local zoning and planning to determine is the home can become residential assisted living.

Determine the rent you need to cover your expenses and then add the desired cashflow. 2.

- How do you determine the appropriate rental rates for my property?

However I recommend speaking with your accountant/tax advisor before making this determination as this may differ depending on the individual and their objectives. 

(instead of getting new financing)  A $300,000 mortgage at 3% is $1,264 - but a $300,000 at 6.53% is $1,902 - so I simply save / cash flow $638 a month.

Hey Joe, I am coachable and determined!  

Both GC's work on distressed properties so are hedging playing it safe as I just asked them for budgetary numbers to help determine if I should do this deal or not.I do have 10%+ in cash reserves already.

As far as drafting contracts most of the investors I know simply use whatever contract they’ve been using over and over again.