All lenders are subject to real estate settlement procedures, ALTA, parts of fair credit and collections,  predatory lending laws, tort law, giving notices required under contracts, just because someone acts as an unregulated lender doesn't mean they are a free gun to do whatever. 

I recently wrote this to explain the foreclosure procedure in Texas (the easiest state to foreclose in) and a very brief outline of a bankruptcy filing by a borrower:The first step is to instruct the trustee to file for a foreclosure.

However, the cost such as plumbing, ductwork, electrical, and lumber have to be capitalized and added to the basis of your house unless you meet any of these: 1)  The total cost is less than 2500. ( not just plumbing or electrical- total ) De minimis safe harborThe safe harbor applies to amounts paid during the tax year to acquire or produce what the regs call a “unit of property” (UOP), you must meet these requirements: (1) at the beginning of the tax year, the taxpayer has written accounting procedures treating as an expense for non-tax purposes amounts paid for property costing less than a specified dollar amount (which will be 2500 for you), or with an economic useful life of 12 months or less;.(2) the taxpayer treats the amount paid for the property as an expense on its books and records in accordance with its accounting procedures. ( do this on your bookkeeping software or whatever you utilize)(3) the amount paid for the UOP doesn't exceed $2,500. as substantiated by invoiceNote: The cost for the Unit of Property includes l additional costs (for example, delivery fees, installation services, or similar costs) if these additional costs are included on the same invoice with the tangible property. 

Save your self the hassle of the data migrations and process & procedure overhauls that come with switching between software's.Good Luck!

You have to know the back office procedure, the deals an investor makes, you need someone to ask the right questions to identify each and every transaction.

Regardless, you need to implement insurance and proper management procedures, regardless of how many assets and equity you have.

.§ 1-4 The Property Manager shall comply with all federal and state antitrust laws and shall follow the NARPM® Antitrust Policy and any related procedures.§ 1-5 The Property Manager shall not reveal confidential information of Clients, Tenants or others except as required in the course of performing his or her duties or as otherwise required by law.

I know about the foreclosure timeline, but also that if the procedure has been started and not followed through with, you have to start all over, and bankruptcies can delay the whole thing. 

It's more of a side hustle idea for now, I still have a great W2 job in construction management.I already have a lot of my own forms and procedures, along with the 35 years of my dad's experience (including his garages full of spare doors and parts, tools, refrigerators, etc.).

If you are bringing a technician out, ask him what the proper operation procedures are and then pass that on to your tenant.