. - No "mattress money" deposits, or down payment gifts from your friend Bob (Fannie Mae says that gifts can't be used to purchase investment properties).Most FNMA DFE cash out refinances I do, I was involved before the cash purchase.

@Nicole W.Yes, it's the estate tax, which is technically the uniform transfer tax that governs both lifetime gifts and estate taxes.

And never underestimate the power of an impromptu drop buy for no other reason than to drop off a Starbucks gift card!!! 

Also about half of the down payment will be "gifted".  

I consider appreciation as a 'gift from the RE gods' for trying to be a good landlord.

For damages, we charge for them as they occur or as we discover them, for what it costs to repair/replace.We charge a $200 non-refundable move-in fee at the start of tenancy that covers our administrative costs, including changing the locks, preparing the paperwork, preparing the move-in packet, preparing the move-in gifts.

Or, if he chooses to, he can gift it or sell it to family at a discounted price.2) Make a minor renovation ($40-50k) to make it very comfortable (central AC, new bathroom, etc.) and hold onto the asset and maybe down the road gift it or sell it to one of his children.The house is his best asset and my attitude has always been #1.  

All contracts, options, or other devices not based upon a substantial consideration, or that are otherwise employed to permit an unlicensed person to sell, lease, or let real estate, the beneficial title to which has not, in good faith, passed to such party for a substantial consideration, are hereby declared void and ineffective in all cases, suits, or proceedings had or taken under this chapter; however, this section shall not apply to irrevocable gifts, to unconditional contracts to purchase, or to options based upon a substantial consideration actually paid and not subject to any agreements to return or right of return reserved.

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Once again my house is worth about $195k, and I owe $118k and owe a "gift" of $15k (parents loaned it to me for the house) back when I sell the property.