Here's was my Pre-Purchase Checklist when I first started:Upon Contract AcceptanceEnsure Access to Property: * Make Copy of Property Key(s) * Purchase New Lockbox * Place Key(s) in Lockbox and Install at Property (hidden)If Certified Funds are Required for EM: * Get Certified Funds for EM from Bank * Submit Certified Funds to AgentIf Financing the Purchase: * Send Contract to Loan Officer * Provide Loan Officer Property Info * Connect Loan Officer with RE Agent Info * Have Loan Officer Schedule Appraisal * Make sure Loan Officer Knows Anticipated Closing DateDue DiligenceInspections: * Turn On Utilities for Inspection (water, gas, electric) * Schedule Termite Inspection * Schedule Property Inspection * Attend Inspection and Take Notes for “Scope of Work” * Get Final Inspection Report and Review for “Scope of Work” * Get Termite Letter/Pest Inspection ReportContractor Prep: * Create Scope of Work * Create Materials List * Determine Which Contractors Are Needed: * GC * HVAC * Roofer * Electrician * Plumber * Pest/Termite Control * Painter * Landscaper * Carpenter * Schedule GC Walk-Through(s) * Get Contractor QuotesPurchase Decision: * Perform Final Financial Analysis Using Estimates/Quotes * Perform Both Flip and Rental Analysis * Make Go/No-Go Decision on PurchaseUpon Contingency FinalizationFinal Purchase Prep: * Get Closing Date from Lender/Agent * Arrange Landlord Insurance Policy * If Financing, Connect Insurance Agent with Loan Officer * Follow-Up on Appraisal with Lender * Choose a General Contractor * Choose Sub-Contractors (if no GC) * Determine Exit Strategy * Create Rehab Schedule (if no GC) * Create Final BudgetPrior to ClosingFinal Loan and Closing Prep: * Obtain and Review HUD-1 * Obtain and Review GFE (if financing) * Ensure Loan is Ready for Closing (if financing) * Get Certified Funds for Closing * Determine How to Hold Title * Get Partnership Agreement Documents Signed (if partnering)Upon ClosingDay of Closing: * Get Keys * Change Property Tax Records to Home Address * Get GC and Sub Contracts/Docs Signed * Arrange GC and Sub Start Dates

You can then if they don't very easily file and get a judgement against them or you can choose to not pursue it at that point.

Since this is a new venture, it may be wise (as Jon points out) to spend some time getting educated on a number of different strategies, and then choosing one that makes the most sense and can be executed with optimal efficiency and results.

I've also been listening to a lot of videos from the Flip-Man.

The name C Corporation is used only to distinguish one taxable entity from another taxable entity (there is no Subchapter C, which governs how a C Corporation is taxed.)Because the "S" simply refers to a section of the tax code, choosing to tax an LLC as an S Corporation affect ONLY the rules used to tax the LLC - NOT the rules to form or operate an LLC, nor the rules that determine the liability of the owners of an LLC.LEGAL REQUIREMENTS & LIABILITYLegal Requirements:The rules to form and operate a Corporation are different from the rules to form and operate an LLC.

I choose to live in the middle of nowhere, but I usually invest where the people are.With that said, some of my best deals have been in the middle of nowhere where I did not have any connections t all!

Not the word I would choose.

What are the most important factors when deciding who to select as your tenant. I know income and credit are important, [LINKS REMOVED]

Looking forward to hearing what you think.

Thanks!

However, since PM controls the rent payment, he can deduct $500 from rent if he so choose.

Let them know what you are doing & ask them how their underwriters would need the "deal flow/documentation" to be with the buyers option fee/your assignment fee.That way you'll know for sure & can let the buyer know that they can use that specific M. broker when they are ready (win-win-win).Let the M. broker know you'll be referring all your buyers to them when they are ready to buy & possibly for credit repair services (if needed) before then.NOTE: You might get one (or more) M. brokers telling you that "there's no way do that"... just move to the next one & you'll find a few to choose from.Basically, it's the underwriters that will determine how they need it to be documented so it will count for the buyer when they buy.Hope that helps,JvM