What areas are your properties in and what rent levels?  

This would ensure that the umbrella company is informed of the other insurance company's coverage levels. 

Prices are beginning to level because of the market is beginning to stabilize.

Market rents are about $1200/$1250 per unit, and eventually I will get the property up to these levels, which should give me about $300-$500 of CF a month when I move out.I am very excited about this first deal, and wanted to share with the BP community!

Your budget, your interests, your comfort levels, and just general preference.

However, It's worth noting that mere joint ownership of real estate and rent collections does not necessarily rise to the level of joint business activity that constitutes a partnership.

Obviously, it is not as simple as I've described but wanted to give you a high-level overview. 

Otherwise, I believe if you upgrade your BP menmbership to PRO or the next level up you can download state specific forms.

Agree with kelly if you are having a hard time coming up with 3 percent continue to save because that stress level will increase when something happens and you can't resolve it for the renter

I would want the front entrance to be at the lower level.