Also - I'd recommend setting up some Keyword Alerts for terms like "Redding" or "Northern California" so when those words are mentioned, you'll be notified and can pop into those conversations.

It's a free CRM application that allows you to track deals, conversations, leads, prospects and has native Android, iOS, web apps and has a sweet outlook and gmail plugins if you happen to use either of those for email.

Glad you jumped into the conversation.

Since you are doing some new construction - you also might enjoy this thread:http://www.biggerpockets.com/forums/48-general-real-estate-investing/topics/90068-diary-of-a-new-construction-projectAlso be sure to get some Keyword Alerts set up, perhaps for "new construction" or " Odessa" so you can jump into the conversations that matter to you!

Without proper reserves to handle a big-ticket item, an investor is asking for Murphy's Law to kick in.

It is always good to see experienced members coming on to BP, I am sure you will have a to to add in a lot of conversations.

Brian, you'll be able to do a taxwise conversion of a prior primary residence to a rental and start depreciation.

Well, an oil tank would be an environmental issue, not a title issue (for the most part) - and the severity of the problem (and how much you actually need to worry about it) has a lot to do with how the property is zoned (commercial or residential) and what your state's environmental laws are (this all leads to an entirely different conversation from the one we're having about the title).

Granted I'm going to heavily screen people.I guess my current plan is to take the New York State standard lease, add a bunch of items into it that I want.

I totally agree that the loan associated with that purchase will be scrutinized very closely, will almost always require two separate appraisals, both ordered by the lender, and a letter of explanation on how the property was acquired for such a low price along with an itemized list of repairs completed may also be necessary.