Hi Joshua, the amount of down payment also changes with the cost of the property, so starting with a less expensive property may be smart (for multiple reasons).

The reason I ask is because most deals I see on Crexi or Loopnet or anywhere else create negative cash flow under 7 or even 10 year terms with 7% - 8% interest rate.

It gives you insight into what managing rentals actually entails, and you’ll have a better understanding of what you need from a property manager later on.

Quote from @Jeffrey Duck: I see no reason to pay an attorney for this, but it's your dime.The current lease was between you and Person B.

I didn't negotiate a ton on price as the deal seemed pretty reasonable.

The LLC aspect is more for liability reasons if someone was going to sue you (so maybe you create the LLC when your son moves out).2) Like #1, a separate bank account will make it easier to track, but it's not required3) No, he can't also be the property manager.

I try not to let it get personal...there are some members that have been 'inappropriate' in the past, but I will still give them a vote if their post actually deserves it

But how many of us are actually prepared for the unexpected?

(The same reason many people (maybe mostly men?)

Came close on two Mexican restaurants but they fell through for one reason or another.