I'd recommend getting the proper E/O insurance (both for yourself and the Broker), as well as a good amount of General Liability insurance for yourself - but this ends up being peanuts compared to what you would spend if someone wanted to take you to Court over a minor trifle... and had the evidence to prove you weren't licensed to perform the duties of a PM.

Once you make some decisions, search for custodians and compare their offerings and fee structures to your plan.

this is my dilemma I just had a tenant of two years who recently moved out on doing the move out inspection I saw that the carpeting which was installed just prior to the tenants moving in had  black paths around where I guess the beds were, the carpeting has buckled in areas from the heavy furniture that they had and its completely matted and no amount of steam cleaning will restore the carpeting.

My thinking is that I can put very little money down on this deal while at the same time having a cheaper mortgage compared to if I just go out and buy a $60,000 house.

A fellow investor told me the best way to get a quick estimate for Reno costs was to look at the 'Permit Value' of comparable renovations. 

Provided you owned the property at least two of the five years prior to sale AND occupied the property as your primary residence at least two of the five years prior to sale, all of your sale profit up to $250K per taxpayer can be excluded from capital gains taxes.  

These numbers are comparing Q3 2018 to Q3 2017:Median Sales Price,  $385,000, up 4.5%Average Sales Price, $453,957, up 3.0%% of Original Price Received: 97.7%, no changeHomes for Sale, 1,662, down 11.7%Homes Sold, 1,867, down 1.7%Months Supply, 3.2, down 12.7%Days on Market, 47, down 11.0%So the quick analysis of Plymouth County is that it is still a strong seller's market (3.2 months supply). 

If you give money to the prior owner who was already in a financially unstable situation, it may not get paid and you will be in trouble.

@Marc IzquierdoI'd talk to the lender and see what they'd require prior to talking to your potential private money lenders.

I could really use your help here.My name is Ed and I joined as a Pro member this year to push my real estate education into high gear prior to making my first investment purchase.