Congrats for getting started at age 21 and I really wish you a lot of success, but I have bought my first rental property in Milwaukee 15 years ago and frankly, the market was much easier back then, I did not have the expense of a PM and cash flow was solid at about $200, but not amazing.

I just wanted to get the honest truth before I jump into it and start working with a realtor. 

I want to use some of my inherited funds to start doing some PML and EMD but I don't want it to pass thru on my personal return. 

I'd start by reading J.Scotts book on flipping, then seek out more.

If they are savy enough to follow through, you'll save yourself a bunch of money by paying them now.

So then I started texting them the pre qualification criteria and just asking them if they qualify and then agreeing to show the unit.

@Corby GoadeI think you started to ask what my questions were...

When I was starting out I had $500K liability per property then added a $2M umbrella policy.  

The mother would not be willing to sign on and risk her assets if she thought there was a chance he could relapse and destroy the place, I'd assume. other thoughts: say he has unsavory friends and starts inviting them over.

I might have better cash flow just by paying off the HELOC and putting the $150,000 principal in a 5% high-yield savings account which has me considering selling (even for a loss) just to move on.Any advice would be greatly appreciated.