Newly painted in 2006.Purchase Price $400,000.00Down payment $80,000.00Mortgage at 6%.$1918.00 Monthly debt paymentGross Rental income$37,020.0010% vacancy ($3,702.00)Tenants pay utilitiesTax $3600Insurance $1500I'm assuming 6% property management.

Any tips?

However, during my 30s and early 40s I spent a lot of evenings and weekends painting, roofing and other "fun" things.During those years my friends always said, "you're sure lucky to have those rental houses", although they didn't realize I wasn't making anything/very little from the properties back then.

When you first said Portland I was not sure if you meant ME or OR.Thanks for the tip John.

I've read the tips from other investors suggesting using a $500 finder's fee, or similar wording.

After the painting, etc.

I remember reading in someone (maybe Groucho Marx's) autobiography, about getting stock tips from a shoeshine boy and an elevator operator prior to the 1929 stock market crash.

The house needs painted inside and out.

Any guidence and tips would be very much appreciated.

There are people who have money but have no documentation of income that will satisfy a bank (Those who make cash tips for example) who are excited as all get out to be able to "rent to own".