Basically/Hopefully that is watching rents hit your bank, and occasionally calling a repair service as needed. 

It is the interest rates at which banks lend to each other and is short for Secured Overnight Financing Rate. 

Best bet though is a local community business bank.. 

Instead of their cash sitting in a savings account, they decided it would be a better investment to earn 3% on their money instead of .03% in the bank.

You should always talk to a mortgage broker or bank first to find how much you qualify for before starting the investor journey.

They'll expect electronic payment options--easy open a landlord account at your bank and give routing number and account number to tenant (ACH payment). 

We STILL have not received our construction loan from our bank because of this DELAY in tax filings!

Give me a shout if you have questions, but here's the short of it.Best financing is going to be from a bank or a conventional construction loan.

Computer or Smartphone, an internet connection, a blank Purchase and Sales Agreement, and Assignment Contract, an investor friendly title company or lawyer(depending on which one your state uses for closings), a bank account..

And they'll want you to pay off the loan pretty soon (and usually will you as the rate will probably be higher than banks) so there's that too.For this reason, we definitely prefer private lenders as they will (if you've built trust with them) often lend on the rehab too.