They read all the books where they are told to keep the contractor on a short leash , buy the materials , manage the job , dont pay deposits , have the contractor sign your contract .

On a similar note, one thing to pay attention to with PMs is the security deposits.

Security Deposits:The property management charges tenants a "move-in" fee rather than a security deposit.

The vast majority of lawsuits against Landlords are for wrongful eviction, security deposit disputes, and Fair Housing Violations.

All our properties currently yield over 6.5% gross return, with a borrowing rate at 6.5% and 20% deposits.

Be interested in what your thoughts are to include this in a lease (needs to be maintained to some defined degree of cleanliness rather than waiting until move-out and deduct cleaning charges from their deposit).

We play games called, "lets show the property to a perspective tenant" and "lets go to closing together" and "lets deposit money in your bank account" and "lets review your college fund investments".

Also greatly important are quality contractors at great prices who won't disappear with your 50% deposit.

Deposits are not classified as income.

My list includes - last 2 years employment history and current employment [2 paystubs], criminal checks, eviction checks, No Pets, No smoking, tenant pays utilities, maintains landscape, no subleasing, bring own washer & dryer, 1 month security deposit and transfer of utilities before moving in, rental insurance, all occupants will be on lease, notice period of 2 months for termination, tenant references, No cosigners, no painting walls, late fee notice, any hoa fines should be paid by tenant, inspection of property at 3, 9 and 12 months.Please let me know if I am missing anything.3.