Around Cincinnati you would spend 8% to 12% of gross monthly rents on managment.

If you pull someone's credit and let's say they have had a foreclosure 3 years ago so you're skeptical, you can do a financial verification report that will provide you with 12 months worth of income, cash flow, assets, and line item spending, that tells you if your tenant is approved for your rental amount based on the data.

I had it at 640 two years ago but young spending habits caught up to me and I just recently started working after quitting my last job and not rushing to find a new one (which was stupid).

Since I spend a lot of my day at my computer I was thinking "well, why not listen to some real estate radio station".

A deal in your situation sounds too close to cecoming a massive disaster--I would recommend you spend the money and see an attorney.I would also suggest posting this under the "Legal Issues" heading and see if any of the legal gurus around could give you more specific feedback.

I'm thinking about the following1. form an LLC of which all owners are members and are all actively involved in the day to day operation of the business2. we make decisions together, though most of everything will be specified up front in the operating agreement (what we will buy, how we will spend money, and how we make decisions about when to buy, when to sell, etc)3. make sure to include clauses about "how people can leave and get their money back" and "how we can force someone out of the group" -- these will all be family/friends, but you really do never know what will happen with people and money.my questions are:1.

Any advice or input greatly appreciated, since I am a newbie that never even own a home.My goal is to creat positive cash flow, and hopefully owning at least 5-15 properties in the next 5 years, be able to quit my full time job to spend more time with my family and be in this rewarding hobby call REI.BTW the cities I been looking at are:Buffalo, NY - But probably wont do it after I talked to a few people that still have families thereIthaca, NY - I am leaning forward to this but worries about an exit stragtegy if something was to go wrong since the last year I think only 135 homes were sold.Ohio - not sure where yet.John

I have been investing a loooong time and enjoy the time I spend mentoring.

You should be able to spend that money free and clear with no worries.

Next time, I won't spend a couple nights at Home Depot pricing things out.