Dude, you're paying rent to someone.

Learn about the Net Operating Income (NOI) and Capitalization Rate (Cap Rate)—these are essential to analyzing the potential profitability of a property.Return on Investment (ROI): There are different ways to calculate ROI in real estate, such as looking at your total return after a sale or assessing your rental income versus initial investment.

Additonally house tenants take care of lawn maintenance and snow removal, and pay all utilitites. 

I'll subto his existing mortgage and pay off the 120k.

After communicating with a prospective resident (Google Voice #, usually by text), with just a name, telephone number and email, the applicant can pay $55 to provide us with a background, eviction and credit check.

Now a-lot of times you buy a home from someone with seller financing and they hold the note for 6 months to season it and then sell the note to another investor or a firm and then it will most likely show up on your credit because these are more sophisticated investors.In regards to the benefits of owner financing you won't have to pay closing costs to a bank.

yes create the addendum but realize the tenant who has been paying could ask to be reimbursed for these costs as well as not accept the addendum.

This could save you money in the long run, but requires a bigger initial investment.To help you decide, consider these:What's your current budget?

Most flat fee listings are willing to work with a buyer's agent and pay the buyer's agent commission.

A tip is voluntary, so your tenant could agree up front, then refuse to pay.