I honestly thought that was a great way to put it in perspective.Separate PointI did disagree when they said pulling out the equity makes the investment more secure.

It has links to your state laws so you can (and should) read them for yourself but it also includes summaries of important laws like how to handle security deposits or evict tenants for failure to pay rent.

What bank should I put the security deposit it away in, big name or small community bank?

I am saving up enough to cover 12 months of the mortgage and bills and putting them in an account separate from my finances to cover any periods that the other side is vacant or not payingBut I also can secure my future with this property, if done right.Please help!

Hi BP Family,So I just closed on my first multi unit deal with two tenants in place, one of the tenants has been there for a long time and the previous owner never took security and last from them. 

You also have their security deposit, perhaps you can negotiate that you keep it to help cover closing costs?

First, you should verify his income supports the rent without her assistance.Second, you should write up a simple "Remove Tenant Addendum" that removes her from the lease, gives him complete control of the lease and responsibility for the rent and condition of the property, and that notifies her she is giving up any rights to the property or the security deposit.

Then it has an owner statement that the rights given to the owner by the agreement are cumulative in addition to VA laws current or future any statement or promise won't be binding unless if it is in writing.one other part is default stating any violation will give the right to evict the tenant and take possession of the residence(same process as VA law)they stated they will take legal action, did claim rights on this agreement are cumulative to the law however VA 225-55.01 does state you can opt out however and you have to expressively opt out of VRLTAIm not starting off the lease by stating to take legal action if rent is not paid and stating the rights of this agreement are cumulative in addition to the law. it is contradicting by saying any breach or violation of the contract in the default section will give her the right to terminate the contract evict and regain possession(does not specify any time frame) To me this is not clearly expressively opting out of VRLTA because she still has those rights under that act by following the VRLTA process.

The numbers are fair in my opinion but I would structure it as a secured loan and a joint venture agreement(two separate agreements).

Don't let "accreditation" or the folks selling products "only accredited investors can buy" lull you into a false sense of security.