A lot of the buy and hold people on the site have clear written policies, its key to have clear criteria and procedures for screening tenants and then to apply these fairly and consistently.

Should we just go through the procedure that we went through to buy this property?

I am putting together the procedures and spreadsheets to crunch the numbers for various properties (still in the early stages of this) to make sure that I only go after the fair, good, and hopefully great deals.I came here mainly seeking information at first, browsing without really posting myself, creating a membership, etc...

So I guess my question is...If a tenant contacts you with accidental damage they caused- what's your procedure?

Sounds intriguing.You have bankruptcy law (federal), real estate law (state), tax law (federal & state), FL foreclosure law (state), internal bank procedures and a determined auction buyer who may be lurking in the wings.You'd have to have the docket for each proceeding to even begin to figure out the status.

When they move out be prepared quickly with your move-out procedures and condition forms. 

I'm always curious as to what is out there for us to refine our procedures.

Also, education is free concerning liens, go to a state tax office and ask for the procedures, and if possible see if the local Community College has RE classes - a degree, a certificate, or a license goes a far way in a world filled with overnight guru's 

Were they looking for the neighbor, or is it just common procedure to let all the neighbors know that there may be some excitement in the future?

Features include:Sale by Owner of Record: Only the owner of record may sell a home to an individual who will obtain FHA mortgage insurance for the loan; it may not involve any sale or assignment of the sales contract, a procedure often observed when the homebuyer is determined to have been a victim of predatory practices.Time Restrictions on Re-sales:Re-sales occurring 90 days or less following acquisition will not be eligible for a mortgage to be insured by FHA.