What if a couple has a child during the term of the lease and continues to live there with the lease auto-renewing? 

The point being that during the inspection, make sure you review the condition and lifetime of all aspects of the property including; roof, mechanicals, windows, condition of units etc and have a plan.

That there are no unpaid or outstanding claims, bills or invoices for any labor performed upon or materials furnished to either the Tenant or Premises for which any lien or encumbrance including, without limitation, materialmen, suppliers and mechanic's liens, have been asserted or may be asserted against either the Tenant or Premises."

While some of what you said as it relates to the mechanics of the unit is a little over my head at the moment, that information was incredibly helpful and I will keep it in mind as I move forward! 

I am a Mechanical engineer by education but an investor/entrepreneur by choice.  

I had enough money in that account for auto-pay on taxes and insurance for 3 years (set it and forget it) but they never drew a dime, because the dumbass insurance broker (Part of StateFarm) messed up a number or two on the bank info.

I am not sure where you are from, but there is a mechanism for this.   

Make sure the agent is knowledgeable in auto and casualty rather than life insurance and financial services.

Hello everyone,It's nice to know that there is a community of property investors here at bigger pockets.I am Victor from Australia (Melbourne).I am new to property investing and still learning, reading and listening to youtube, pod casts and books on investing in general.I am extremely intrigued by the idea of generating passive income through real estate investment ever since coming across rich dad poor dad a month ago and more recently, bigger pockets podcasts.As a start, I plan to learn more about the mechanics of investing in real estate before taking steps to actually start looking at my local market (Northern Suburbs of Melbourne)In fact, I have already formulated some short term goals to accomplish: 1.

Like all buy & hold rental investors it would be ideal to have equity, appreciation, and cashflow off the bat if possible, with responsible and friendly tenants that earn 3X the rent on auto-pay with no maintenance issues!!