I'm well documented and ready to go.

Document clearly anything you do to screen the applicant and make sure you do the same for all similar instances.

It couldn't hurt to call a couple attorneys right away to see what they say in terms of cost and suggestions for dealing with this quickly.In terms of mitigating any legal issues with your tenant be sure you are documenting every conversation you have had with the HOA in terms of asking them to make the necessary repairs.

Others might be fine with taking risk, but least by doing this a person can get an idea of what might go wrong.e) Legal document analysis: it will usually take a few days to go through the legal document properly, as almost inevitably there are tons of gotchas that either have to be explained, or mitigated with a side letter.That is the very short summary of what I do.

@Matt Weddon, I try not to even think about those types of things UNLESS there is objective documentation or they admit to doing something specific.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Purchase price: $232,000 Cash invested: $18,000 My real estate investment journey began with a leap of faith when I purchased my first investment property—a charming but very needy fixer-upper in Connecticut.

That’ll be $50.”Document EVERYTHINGLiving with tenants means you see it all—good, bad, and downright ridiculous.

The IRS defines a “quality” cost segregation study as “a study that is both accurate and well documented with regard to” 1) the classification of property into classes, 2) Explanation of rationale for the classification of the property and 3) substantiation of the cost basis of each asset and reconciliation of the total allocated costs to total actual costs.