Not only have youu assured yourself cash flow, you have instant equity and the potential (depending on the area) to get more equity via appreciation.The bottom line is, if you can get both, why not go for that!

A lot of folks think just saying I want to buy in Katy assures high property values and the much sought after Katy school district.

They assured me that it is a treatable problem.

Account Closed For what it's worth when we bought our house there was a decommissioned cesspool on the property, I had never even heard of a cesspool for house sewage before but am fairly familiar with septic but our realtor assured us is was pretty much a non-issue and that lots of homes in the area had them.

I have had a rental for two years about to file for the third year in taxes, but before I do that I wanted to ask how I should file.I have a lot of conflicting information in this regard and was hoping some one could clear it up so I can rest assured and get mortgage in the next few months.So basically I have two rentals.  

I assure you he is not asking to be added to your mortgage.

@Mike D'Arrigo:Yes exactly what i was thinking. it cant be that easy or else everyone would be doing it haha by no means am i planning on rushing into anything though, so rest assured that wont be the case. but it seems like a market to be looked at just because rentals are so apparent there and the prices of the homes are cheap and the rents are pretty decent, making the potential cashflows pretty appealing...my main concern, as you said, would be the quality of the tenant, which would mostly be college students. on the other hand, my thought is that those tenants wouldn't be the ones paying for the rent directly...it would more then likely be their parents, which gives me a little bit of confidence as no parent wants their kid to get evicted during the school year

I raised this issue to them, and they responded quickly apologizing for the mistake and assuring me they would credit me the difference in the next draw.While the response times have been prompt and the resolutions satisfactory, the issues I've run into with RPM are illustrating the downsides of using large property management companies.

Most people want some type of assurance that they aren't dealing with a hack, and that there is some form of redress if things go haywire.

You have my assurances, I will treat any of your current residents fairly if I purchase your community.