When buying a prop, with a tenant already in, YES, get a copy of the HAP, agreement and lease, Call the office and make sure all is in order, DO NOT trust the seller.

Also make sure all your friends & social media contacts know you’re in real estate as people who already know, like & trust you are the best sources of business.  

Investment Info:
Single-family residence fix & flip investment.

Purchase price: $10,000

Cash invested: $32,000

This was originally a two bedroom house upstairs with kitchen dining room living r...

I recommend going with a boutique local manager or even self-manage (it's not as intimidating as it may seem, and profit levels skyrocket).

The upside is, even with a personal guarantee, the mortgage will not show on your personal credit report.Lastly, in both, while LLCs do offer a level of protection, which is certainly valuable, they also require more work.  

The home was a split level with a walkout lower level so it was perfect.

You also have states like Indiana, Ohio, Florida, Nevada, all depending on your comfort level in distance or rental type.

There are many issues like this, where trust, credibility and fairness come into play.Our company management contract has a list of what rental income will be applied to and in what priority.

You set your screening standards at a level where they will most likely not qualify, as a example setting a high credit score requirement will eliminate many on disability.You keep taking applications until you find the highest qualified applicant.

Renters:A-Class: Ideally 90% or more homeowners.B-Class: 50% homeowners and 50% renters.C-Class: Predominantly renters.Land Value:In A-Class areas, land should be worth rebuilding and upgrading.In B-Class areas, rebuild as-is if the property were destroyed.In C-Class areas, it might be better to sell the land if it’s not cost-effective to rebuild.Crime Rates:Use resources like Trulia.com to gauge crime levels.