I wouldn’t want to get stuck with a huge payment on my home, and if I purchase a rental and the cash flow only covers my new mortgage payment, it doesn’t seem to make much sense.

First I got a box spring cover which you'll want to leave on and unopened for over a year, then I sprayed the earth all over, along baseboards, under furniture custions, under the mattress, on the mattress, everywhere.

Similarly, one of the houses needed an electrical panel replaced (we found out with the inspection) and once we said we wanted the cost covered by the sellers, he sent his electrician in to get a quote, and wrote it in the contract.

Any recommendations I make are based on experience, and not the advise of a professional in fire damage remediation, I am not a lawyer, and any advice I provide you may take with a grain of salt.In regards to the tenant, atleast in NYS, it is their responsibility to have renters insurance to cover their belongings, you are not required to compensate them for any losses.

I have 7 tenants in the building that help me cover that.

He said he would cover all expenses, and hire a plumber to do the work.

I'm still not liking what that does to my investment when I want to sell it, but perhaps the LLC will cover that. 

I've done some research and thought Campton, Waterville Valley, NH area would be an ideal location for all season rental.I'm nervous not being able to find renters to cover the mortgage.  

And work on that cover story!

So here's how it played out in my head.1) Get a loan from a Hard Money Lender for $120k.2) Find five properties for $100k or less.3) Use $100k of the $120k loan to make the down payments and keep the other $20k in reserve to cover closing costs and any minor repairs needed for the properties. 4) Get the properties rented out and within six months to a year, refinance the properties to pay off the original lender.Now, on paper, this idea sounded really good and I assumed it would be feasible.