The vast majority of lawsuits against Landlords are for wrongful eviction, security deposit disputes, and Fair Housing Violations.

Look for a place where you can secure items that you do not want tenants to have access to. 

One other thing that people in their 60s can consider is - if you are planning on taking Social Security and making passive income part of what you live on, rental income may not count as income against your Social Security benefits.

You really have to be an expert and outshine the competition here.

If you can purchase this home with private money or seller financing and get a $110k loan, then you could do a rate/term refi right after so do a 90 or 120 day note to secure the property and get it in your name, then refi into long term debt using the full appraised value. 

You are not a borrower, you are not liable for the debt, you may need to sign the security instrument to allow the mortgage to be recorded, but this does not change the above statements.

I'm not an expert on California law, but I believe you are allowed to give a 60-day notice of termination for a substantial remodel.

This plan covers 24/7/365 troubleshooting services from Lula's experts (such as guidance on resetting a circuit breaker), tenant coordination for scheduling repairs, and access to a network of vetted professionals.Once you're subscribed to Lula, you can set aside a pre-approved amount for repairs, which can be used without needing to contact you as well.

I believed I was putting that hard-earned money into something secure.

Good Morning,I am a former Claims Specialist with the Social Security Administration and currently unemployed homeowner who is looking for guidance on how to gain property management experience here in the Central Coast of California.My wife is the only one working at the moment, so times are tough to say the least.We're looking to rent out a portion of our home in order to save up enough money to purchase our second home (or multi-family unit), rent that out, and begin to expand our portfolio.