It can be in the real estate industry, property management, construction, lending etc.

I did manage to get the flip rented out on a lease option.

I'm using a property management software (TurboTenant) for rental applications and screening reports, and they charge each prospective tenant $45 for this service.However, the Wisconsin State Legislature states that the landlord can only charge the actual cost of a credit report (up to $25).

Since we will be investing remotely, we plan to work with a property management company to oversee day-to-day operations.Does this sound like a solid strategy for a first investment property?

The tenant supposedly had complained for months to the property manager that the furnace was not working.

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.

Before anyone says it - I already tried to Google it :)For servicing in NC use Madison management Services out of reno.

You may want to consult a property manager!

I'm working with Michael White, Real Estate Sales with Midtown Property Management in Harrisburg, PA.

We're a turnkey provider in Little Rock and Memphis markets and we provide management services as well.