@John Beck You might want to modify your screen name or post a pic since there is (I assume he is still alive) a well known real estate attorney guru named John Beck

He actually didn't tell me about his past-- I screen contractors who will be around tenants for drugs/sex/violent charges.

., collecting rent, screening tenants, dealing with move ins and move outs?

Paint, carpet, new window screens, etc can add up.

He has multiple rentals himself and has assured me that I will be fine with his guidance and support.This isn't the path I thought we would be taking (self management) but by having someone do what I consider the "hard part" - finding/screening a tenant - I think we will be okay!

(So my net phone expenses are $0.)No cable TV ... no big screen LCD TV ... no Netflix ... no expensive cars ...

Yes, I know you can minimize your risk by good screening and yes, everyone believes they are bullet proof, but if you get enough units and do it long enough, it will happen to you.

Up until that time, it can be a series of gambles or an expense depending on the demand for housing and your screening criteria.

If your the one screening your tenants and don't have a PM , I personally would follow my gut feeling on if you feel a person is right or not.

Conventional for mixed use financing will require:The property must be a one-unit dwelling that the borrower occupies as a principal residence.The borrower must be both the owner and the operator of the business.The property must be primarily residential in natureA gift can be provided by:• a relative, defined as the borrower’s spouse, child, or other dependent, or by any otherindividual who is related to the borrower by blood, marriage, adoption, or legal guardianship;or• a fiancé, fiancée, or domestic partner.The donor may not be, or have any affiliation with, the builder, the developer, the real estateagent, or any other interested party to the transaction.Gifts must be evidenced by a letter signed by the donor, called a gift letter.