We also didn't take into account the slant in the floor either. 

Quote from @Mackaylee Beach: I think these times (the last two years), and this year are the ones that will give birth to some of the best investors.

Researched the area , contacted local team through biggerpockets How did you finance this deal?

For cash flow, I'd recommend checking out the Triad (Greensboro, Winston-Salem, High Point) or Fayetteville in NC and Sumter and Florence in SC. 

Lease: I used the lease provided by the Bigger Pockets podcast.  

(You said you plan to buy it for the amount of the loan, not the value of the property.).

Hi All,I'm reading through the latest version of the BP Residential Lease Form and it contains a clause that seems to say that a jury cannot hear a trial related to a dispute between landlord and tenant. 

You're in the right place to learn about real estate investing.

I recently came in contact with a RE investor who is farther down the line in his career than I am.

@James Thompson Transferring property from your in-laws to you can be done through a gift, sale, or trust transfer, each with different tax implications.