Pay particular attention to the "End the complaints" section.HOW TO SHARE UTILITIES 101You have a property with two or more units and the utility meters are shared.

, what legal documents should I pay attention to and why?

The struggle comes when you plan to sell, pay close attention to how the bank would treat the loan in the event you would sell.Even though its a bit more work, banks are typically open to these loans as it provides them with additional collateral in the event of default.  

The tenant was paying rent to the previous owner but hasn't been paying rent for a while since the property was foreclosed and sold to the bank.

Pay a GC and take them with you on walk throughs.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

Quote from @Josh Otero: Hi BP community, I know you've got some crazy tenant stories and I want to hear it.I'll go first:1) I was managing a 5 story apartment building and a dog fell off the 4th floor balcony because of the owner not paying attention.

What grabs your attention to this kind of RE. 

Location and paying attention to Nathan's points above about the immediate area are more important.

Primary home is a little easier but for FHA and other programs it requires 12 months title seasoning.There is something called delayed financing that if you purchase a piece of land and pay for the home "All Cash" without a mortgage you can get up to 80% LTC.