Regular inspections for any signs of wear, cracks, or water damage are advisable to maintain the facade's integrity.Parking and Access: The covered parking area is a significant advantage for tenants, but ensures the area is well-lit and secure to prevent any potential safety issues.Interior Features:Layout: The open floor plan with large windows ensures ample natural light, which is appealing to tenants.

Currently not seeing anything that will bring cash flow just covering mortgage.

It also provides insights into your cash flow to help you make sure you have sufficient funds to cover your expenses.How to get it: The PocketGuard app is available for both iOS devices in the App Store and Android devices in Google Play.Cost: A free plan is offered with basic budgeting features.

That should cover you for liability unless you plan to manage the property very poorly.A trust owning an LLC seems to be overkill for a single rental.

A good policy will also cover loss of use should an unlikely event happen.Re: liability.  

@Mitch DeminskiDo you cover Newark?

Malcomb's suggestion that you will be limited to a maximum of 75 percent of the appraised value is correct assuming the the rent will cover that figure.

If you do not think the tenant has cash on hand to cover the judgment, you are likely better off turning it over to a collections agency. 

I've thought about offering $20,000 every 6 months for 3 years and a balloon mortgage to cover the remainder... 

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.