Maybe getting a referral from people who are respectful of the property will bring you a better quality tenant?

FHA loans are a great way to get started with a small down payment, but make sure you have some reserves for things like repairs and vacancies.

Obviously there’s a number of things that can go wrong, I’m just curious if you find the documents less effective than one from an experienced lawyer but you are willing to accept less quality for a cheaper product or if you actually find them more effective in the first place.

The letter also states the total non-rent items currently owed by the tenant, such as accumulated late fees or repair charges.Also very important, the tenant states they have no unresolved issues with their current landlord, except as listed in a space provided, and they have no current plans to cancel their lease under the Service Members Civil Relief Act or for any other reason. 

Remodeling costs increase the property’s basis, while post-rental repairs are deductible expenses in the year incurred.An LLC isn’t necessary for a single rental but can provide liability protection as your portfolio grows.

Even with the mortgage paid off, some of the $2000 in rent will go to maintenance, repairs and property taxes.

For the property I purchase, I’d like to keep my monthly mortgage payments at $2,000 or less.I prefer a turn-key property since this is my first rental, and I want to start generating monthly cash flow immediately without the delay of repairs or managing two mortgages.

If the property does not require an extensive rehab and just needs cosmetic repairs then a standard landlord dwelling policy in most cases depending on the carrier.

@Nick HulmeMaking improvements to your primary to make it high quality enough to rent above market rents, rent it.

There are still a ton of roofs with blue tarps needing repair/replacement and some debris sitting curbside.