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.

YOU want representation, whether it is this agent or another. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.