He informed me that the auction would happen in 10 days, so he needs to sell right away.ARV: 2.5M - 2.6M Repair estimate: 180kschool zone: 9/10 rating a very popular school zone for the area.he owes 700k in areers!

If you go this direction, all your money saved up went to a downpayment and you have no cash reserves for repairs, vacancies, and capital expenses. 

A good loan servicing agreement should address the customary risks, paying obligations such as taxes and insurance, but also have an understanding of just what the servicer will do in the event when non-conventional issues arise.An example would be when a borrower has repairs made to the property (or does them) and they have little equity.

This will also help when you file 1099s to report the proper amount to the IRS and send a correct 1099 to the PM for their PM Fees and possibly any Advertising or Repairs they may have doneFor the mortgage you will split it like you have it except the Mortgage will split to include the Principal amount to the Liability and the Interest expense. 

You can even use an FHA 203(k) to buy a fixer-upper and finance the repairs in the purchae mortgage.Otherwise, you CAN buy a property on a land contract with an existing mortgage.

That takes my time most nights, and weekends to receive/pack/ship those products but is super flexible with time.On top of that, I self manage 6 of my own rentals, the cash flow pays for my current mortgage and repairs so it makes living in my primary house free.Experience now:My wife and I have 6 rental homes locally, all rented, all cashflow.

Repairs vs. capital expenditures.- Find out how long the provider has been doing cost segregation studies and how many they have performed - Consider the resources available to the provider. 

It looks like you want an all in one accounting software where you can do the following1) Advertise your listings2) Allow tenants to pay you directly with various payment options3) Allow tenants to make repair requests4) Tracking of income and expenses.You may want to see if a software like Buildium can handle this.Best of luck

On all my section 8 inspection I have my contractor walk with the case worker fixing, replacing or repairing anything they might have a concern about right there as the inspection is going on.

Insurance and the structural inspection and associated repairs resulting from the fallen seaside condos has resulted in huge HOA cost increases.