You will need to perform at least basic underwriting based on the T-12 and rent roll.There is, however, a short cut to estimate the maximum debt service.

You need an intermediary to help take care of the fam while you are gone, lol.

Hi Chris,Be careful that the entity structure you are setting up is consistent with the best tax strategy possible.

If it is a contract for deed be careful on the state as you are physically buying the property and have transfer taxes etc.Once it is boarded, there is a boarding fee of around $40 then you pay anywhere from $15-$35/month for performing notes (Depends on escrow and if it is a fixed or adjustable note).

Just be careful. 

She originally asked if she could stay longer because of her new situation, I explained to her (some won’t care) how I’m loosing money.

Go to Mr Money Mustache website for some aggressive (arguably too aggressive for some) methods on cutting the spending so you can put some money away.

We want to have a contract in place stating who does what, who's responsible for what, who get's what cut, and who will invest what. 

I just wonder how much buyers (the market and appraisers) care about everything being brand-spanking new and never used. 

Jeremiah, here's my advice in a five-year plan so A) is patience:Year 1) start a single-member home-business LLC for FREE using bank bonusesYear 1-2) build a 720-800 FICO for FREEYear 1-3) season the LLC for FREE and target a 80 PAYDEXYear 1-4) save some cash by cutting back for a few yearsYear 4) study 10,000 properties for FREE and build a teamYear 5) target a small starter commercial project (4 units or more)using the LLC PAYDEX and 800 FICO when it's a buyer's marketrelying on good financials for the property more than your job6) rinse and repeat and SKIP RESIDENTIAL!!!