Do you have money for a down payment and reserves?

You have basically confirmed what I believed to be true as well.

Create a cash mgmt plan with a reserve contingency (lesson learned--whew).

There is already a detailed thread on DPA, do a search to find it.As far as reserves, that is a broad question without having the details of the 6 unit.

She should have aback up plan in place or some reserve cash.

Additionally there could be special assessments for unforeseen repairs or inadequate budgeting/building reserves by association members.

It also confirms that I will at least need some sort of safety check when I am finished.

By the evening of March 4, 32 of the 48 states, as well as the District of Columbia had closed their banks.[38] The New York Federal Reserve Bank was unable to open on the 5th, as huge sums had been withdrawn by panicky customers in previous days.[39] Beginning with his inauguration address, Roosevelt began blaming the economic crisis on bankers and financiers, the quest for profit, and the self-interest basis of capitalism ** This is only what has happen before, the comparisons are eerie to say the least.

I would appreciate confirmations that this is how it should go for 2008 tax purposes.If I have no luck finding tenants in late 2009 (hope that isn't the case), I wonder if I could rent the home to relatives at a fair market rent (same as I would charge any tenants) and still do my taxes as I would with any tenants?

A closer look allows you:1) To confirm if the house is vacant2) You will start to see some houses with REO letters (bank owned), I avoid, lock boxes (means someone has an interest in the property already) avoid, Tenant eviction notice (has landlords contact info and they will be motivated), foreclosure notices etc.3) You will get a chance to network since you are out of the car- you will meet neighbors, where you can get the story on the house, contractors (mowers, handymen etc. which can give you info on the house as well as several others)4) You get to understand the condition of the property by seeing it up close.Driving your farm are in my opinion is highly recommended at least once a month (a lot happens in a neighborhood in a month), but is still one out of the 10 or more you should regularly doing to find these properties.Personally I feel there is a moral obligation if I am going to put a property under contract that I have the intention of closing it myself if I can not find a buyer.