It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Understand you can not eliminate all risk, only mitigate it.

I attribute our success in negotiating this to the time I spent building a one-on-one relationship with the seller.

When assessing a property for a HELOC the banks will not likely attribute full market value to the property and will only allow up to probably 80% of their assessed value as a HELOC.

The portion of the income that is attributed to the non-IRA (borrowed) capital is viewed as Unrelated Debt Financed Income (UDFI) and subject to taxation.I unfortunately do not have the time for a through explanation of the tax, but for most investors it is of nominal impact in terms of both dollars and percent of returns.   

Property manager I spoke with would have fees of 7.9% and 1/2 first months rent on a new tenant.Is this the perfect time to manage our property or should I leave it to the professionals to save time and headache?

If not, you would need to allocate the portion of the expenses attributable to your child's use.

Do you plan to use a property manager?  I

If the property manager is so careless that he would provide you with a contract that obviously negatively affects him, what does that say about how he might draft contracts with your tenants?

Hey @Thom Soule, being a young property owner in my early-20s I also wanted to distinguish myself as the property manager. I

The statement from the Property Manager is pretty revealing.