Growing up working with my father who is an investor, he has always done the work himself or acted as the general contractor in a sense I think (hiring an electrician, plumber, etc. separate) so while I have lots of experience in construction, I have never worked with a “general contractor” and so I don’t know how to examine the relationship as I find one in my area.

- married 4 yrs - we have $58k in cash- we owe $77k in student loans (4%)- we both graduate with law degrees in May- we currently live with family until we take the Bar exam in July - both cars are paid off- no kids We aren’t sure where we will get jobs so we are hesitant to purchase RE until we know whether we will be in NV or UT.

That's no assessment of you, that's from personal experience as a professional, examining the DIYed 1065 returns of many prospects who come to me.My firm, as a general rule, now only accepts established 1065 clients if they are coming from another CPA firm and have solid bookkeeping -- P&L, balance sheet, and general ledger. 

I'll be honest though, the idea of writing an LOI and all the jazz is a little nerve-wracking. 

A rental property is placed into service on the first date that both of the following occur simultaneously: (1) the rental is advertised, or held out as, available for rent, and (2) the rental is in habitable condition and ready for occupancy.Something to examine with your tax professional.

You should examine the current Landlords agreement with the Property Management company and then decide what to do.

I don't have my license yet, but my courses are complete and am writing the exam in a few weeks.

A lot of the feedback I've received from more seasoned RE investors is that I should try to self-manage for the first investment property.I'm fine with showing/leasing the property and keeping it clean, but for the other issues (water leaks, HVAC issues, etc) I want to hire a more experienced person to examine the issues and determine if he/she can fix it him/herself or if a specialized third party needs to be called (plumber, electrician, etc.).Which of the following options are the best in my scenario?

In this blog we are focusing on helping you get past that first initial hurdle when you are new to flipping and really want to make some money and may have some nerves around doing your math right.

I would really try to toss the Operation Agreement to your individual CPAs to examine and determine ahead of time.