Everything said earlier is correct.Costs of acquiring the property may include appraisal fees (initiated BY YOU), title insurance, survey costs, legal fees, inspection cost, and similar closing costs.

Discuss comps if needed.Make sure the title search is ordered.Make sure the survey is ordered if a recent one isn’t available.Go to buildings department to check on permits for work done on house.

Personally, if my wife didn’t work, or if I only made 12 bucks an hour, I’d look into Uber, Lyft, filling surveys, etc...

The package could include plats, surveys, deeds,covenants, HOA documents, floor plans, specifications, inspection reports,neighborhood details, recent similar-quality comparables, detailed list and dates ofupgrades, remodels and costs, and energy efficient green features.

I bought an unlocated parcel, abandoned by the owner, after research and survey sold the property for more than 60 times what I paid or a 6,000% return. 

Your costs to close the acquisition will also be lower through seller financing (appraisal, survey, origination fees not required).

just a few I have seen in the forums include: due on sale clause, financing (especially later refinancing and programs not available), representing yourself (say in landlord tenant), continuing need for insurance for duty to defend  (ie to cover legal fees to defend against a case), 50 state survey , piercing veil, merits versus land trust, or benefits over just landlord policy plus umbrella, transaction fees, ongoing responsibilities and formalities to retain protections, etc..probably a few more specific questions too as the bigger pockets audience is varied and pretty sophisticated ....but these are some usual suspects (also search site on terms like LLC or due on sale, asset protection, etc for more...) best of luck and look forward to your piece...

You will need to be very tight with all the numbers, city ordinances, zoning, surveys, property mgmt plan, etc, etc. 

We survey and keep track of everybody's performance and use our leverage to correct any issues, if any.Last but not least,  I fail to see why any investor should be charged an extra 3.5% transaction fee  in addition to a ongoing 1% "management fee".  

I was going to mention too:Few years ago, there was a survey of the general population done by the BBB, what they wanted to see was which business and professions were viewed as the most ethical, fair dealing, professions or trades.Realtors came in just below used car dealers, in the bottom 10% but, beat out landlords who were near the bottom, I think it was home improvement contractors who were dead last.