The economy is bouncing along and hasn't really gone up or down significantly outside of pocket areas.

I don't want to chase down one roommate for their half or a bounced check.

He specializes in real estate and I bounce ideas off of him regarding future real estate strategies that I am looking to pursue and he will give insights on the tax implications that I need to keep an eye out for. 

I pretty sure you are aware but, I will mention it any way, you should also include a 'Late Fee and Returned Check Fee, Application of Payments' section in your lease specifically outlining what fees they will incur if rent is late, if there is a grace period, what happens when a check bounces and what order will funds be applied (our order is: $ is first applied to late fees, then to returned check charges, then to other amounts - excluding rent - then to rent due under the lease) - If you're going to report to credit or tenant agencies if they pay late then you need to have a separate clause in there for that too - and also if you charge a fee for having unauthorized pets or smoking the home.. you need to have those clauses in there as well. 

Typical terms would be 65% LTV, 10-20yr term (usually 15), prime+2%.DM me if you run into any issues or need someone to bounce questions/ideas off of!

Hope to meet everyone and hopefully meet a few of you in the local area for a cup of coffee to bounce some ideas with. 

PS: I’m 24 as well, and I’m strictly a cash flow investor, so you can definitely PM me if you want to bounce some ideas. 

And overall I was dealing with too much crap.They bounce around like ping pong balls, once a unit is to dirty they move along.

For tenant that bounces one it becomes cashiers check.

I started my HML career in Detroit and I got out before the asset fell to 2500 dollars on homes I was making 80k loans on in the early 2000s.. so its nice to see it bounce back.the gentlemen who started the post has a point.. but you have a counter point..