Quote from @Steven Catudal: Hi all,My partner and I are looking to buy investment properties in Alabama, specifically Birmingham.

You're running a business...the tenant does not 'inform' you when they will be paying their rent...they are contractually liable for paying at specific amount on a specific day. 

@Vidit Maini You might want to be more specific regarding what type, if business you want to start.

Quote from @Irina Badal: I heard for anonymity purpose it’s advisable to set up a personal residence trust.

Cities don't play fair when they decide to go after you.One thing I would also suggest you do is look on AirBnB for the specific building you want to buy in. 

I've been updating things that need it and lucky enough, I can do the work myself to keep cost down for now, only because it be my first rental.any advise would be much appreciated. 

My broker advised me to "bite the bullet" and close the deal, telling me that I should be glad I wasn’t losing money on the deal.

If you could avoid an HOA, I'd advise to do so. 

.- Depends on what you're doing specifically, but usually I'd recommend getting an EIN at least to give access to business bank accounts- Repeating #1, if you're going to a property and 100% of your time is spent doing renovations and the like, sure, but if any of it is for personal benefit, that'd be disallowed.

All advise appreciated!