Currently, we're in the red about $650 per month, which isn't a big deal for us since we prioritized moving out of the condo and living closer to work.

But i have one red flag.

Property: 4 BD / 2.5 BA 2-story HomeOnline Value: $284k (Z: $292.5k, R: $285k, Red: $275k) less repairsRental Comp Range: $1500-$2100/mo - Most likely $1650-$1750Repairs: $34kActual Value: $250kOutstanding Mortgage Balance: $110kPrevious Purchase Price: $88kRV Purchase Price: $134kHow would you structure this deal to minimize expenses, fees, & taxes given the following info:1) FIL can give transfer property to us given any of the following strategies:    *$0 (gift)   ** $110k (we assume the outstanding balance on his mortgage)   ***We transfer at market rate (quit claim deed adds us to property deed, $110k refi with wife & I assuming all debt, then he's taken off deed w/ quit claim & we pay him 140 payments at $1k month for the equity he has in property w/ no interest).   

It is unlikely that they will offer terms that will put your property in the red when you refinance in 5 years.

Also trashed all carpeting and exposed red oak hardwood below.

My question would be is there anything negative on the report such as collections or judgements, this is a huge red flag. 

Should have been our huge red flag.

Doesn't mean someone won't come along but being in the red each month isn't easy I know. 

They should have help files that instruct you on how to screen an application and red flags to watch for.You collect the security deposit via "certified funds" which means money you know is good.

Today, he's having Poulet Basque (braised chicken with tomatoes and peppers) and a glass of red house wine.