Make sure you have a bulletproof lease, treat the tenant fair but set expectations early on.  

Contents (Personal Property): most homeowners policies give a set % of the Buildinglimit for Contents.

As for the legalities of setting up an LLC to protect you and your partners, I would consult with an attorney for best judgement. 

Mine cost $50 to set up and took 20 minutes on the secretary of state website.

Back yard landscaping is usually the biggest expense at $5-6k for artificial turf and rock, but doing this sets you apart from the others.

I can also share some great resources and guides to get you started.Let me know what specifically you're looking to learn, and we can set up a time to talk.

I'm still in the process of growing my portfolio, but have heard others 1031 all their smaller properties into a larger building and have a property management company manage, OR, set up a seller financing deal with another buyer that gives you the cash flow you desire. 

And, just maybe you’ve purchased at a point where Detroit has hit its low, bottomed out, and is set to reverse trend and grow.  

That's why I'm focusing on education first; I want to set a strong foundation before making my first deal.Apologies in advance-I'll be asking too many questions, just to warn you-but I really feel delighted to be aboard, learning from each and every one of you and subsequently sharing my own successes.

@Sami Gren I would not recommend accepting rent through a random App that you did not set up yourself.