Insurance, advertising, tenant screening, legal fees, maintenance, evictions, the list goes on.If the net taxable income is negative (entirely possible with the depreciation) you may be able to deduct this against your ordinary income.

This is actually not legal (SEC I think?)

The only thing that can really change is the laws which is why any RE investor should have good legal counsel on their team.Also, as Mike said, the gurus claim to have "secrets" and ways of investing in RE that "nobody else knows".

All parties agree that fax signatures/initials are legal & binding.

Legally speaking the lender who foreclosed should come in to the property and clear out the belongings and put them into storage.

You say to carry only a legal pad and pen, why not a contract?

Actually I don't think HUD would be able legally to give out landlord information.

Assignment of contracts is legal by all standards, however, the lenders hold all the cards.

Have you ever had to use them, and if so did it get messy, or go easy?

I trade business cards, and talk to as many other investors as possible.They have two sponsors for each meeting, who have booths available - companies like title companies, legal, or Identity theft outfits.