Be wary of the “professional tenant” – After a two-month appeal eviction process, I just received notification from the supreme court of my state that the tenant’s appeal was denied and I can move forward with the evictionBe as compassionate as possible, but understand this is not a “personal situation” rather a business transactionOne strike policy – I’m a big believer in second chances….but not third chancesState Laws - Make sure you understand the eviction laws and procedures in your stateFollow your gut – I didn’t have a good feeling about the tenant I discussed above but didn’t listen to my gutI haven't given much thought regarding incentive for early payment.

I also agree that many wealthy folks squander wealth and many non-wealthy folks strike it rich.

If it strengthens your position to retain some of purchase price in reserve, but can show the bank you can carry the debt and fund rehab component it may make sense for you two to strike a deal where they hold a note for some portion of the purchase price.Kevin- I think that's exactly what is going on with the bank my friend works at.

So, I have to strike your rebuttal to this section as I believe you are not correct.In regards to the claim that price decline can not happen rapidly within a year.

This one strikes home as the house across the street has had a "for rent" sign in the front yard for 6+ months in a very desirable neighborhood.Either way, great feedback.Thanks folks.

It will take about 5-10 full force strikes to punch it out,and by  its  nature, only one half brick will break out at a time.  

Just thinking on the surface, and being shallow brained, because that's what strikes me first when I see places on Craigslist or other sites in my area when I'm personally looking to rent a new house.Try your best to put yourself in your prospective tenants' shoes from start to finish, what is your ad saying, how are you interacting, etc.Glad its rented!

He did not strike me as having a very good business sense and that was confirmed when I saw his leases....they were 3/4 of a page long, didnt collect any security deposits from any of the tenants, worst leases I have ever seen in my life, so I can imagine the screening process took about 2 seconds....Luckily for me 2 out of the 3 tenants have been very good.    

If I find out a buyer isn't being honest with me then it's one strike and your gone. 

there's a big debate about that. half the people here tell you to discretely lie about it until you are ready to go for the kill strike, others say to be totally up front.i have no experience but i seriously doubt most agents will want anything to do with you if you are totally up front about this and especially when they ask you how many transactions you have closed previously and you say zero, don't be surprised if you suddenly hear a dialtone.they say it's easier to ask forgiveness than permission; if you play it right and close the deal, you might be able to come across as never having intended to deceive the agent about your intentions and get them to work with you again (the bottom line is you closed and got them money)