I handle all of Central Texas and there are some nice spots for cash flow, nice spots for appreciation, etc.  

@Rhonda NormanIf you have been an agent since 2005, you should have a pretty fair handle on what could possibly be wrong with a property.  

We got lucky in that we could handle it ourselves, no major root issues or collapsed pipes, just lots of disgusting backup in the tubs and washer drain sink. 

Where here ONE title company and escrow officer and their escrow assistant handles buyer and seller.. so they are totally on top of it and it runs frankly pretty smooth it also helps that we have state of the art title plants I get a title opinion or what we call a Pre lim in 24 to 36 hours and can get one same day if I want and I don't have to pay for them unless I close...

So I used that to knock an extra 30k off the price by assuring him he wouldn't have to go through the eviction process and I would handle it on my own dime and that why he should help me with the pricing.

For the ones I handle on my own, one state limits the use of application fees to actual costs and you must return any amount not used by you if you deny the application, so might work there.  

I have decided to put more time and effort into Real Estate Investing but I think I am afraid to dive into this property it is a huge house and may be too much to handle this soon.

I make sure we clearly outline try following on the lease:- pet policy- parking policy (complete w/parking diagram)- the fact that they cannot use their security deposit for last months rent- clearly state anything to to with laundry and how that will be handled - who to contact for maintenance requests- when the rent is due and most importantly that the rent needs to be at our office to be considered received.

I'm a tad bit confused on how I should handle fixing my credit so I can take out a loan to purchase my first house.

Michael,I would guess that was the current owner's way of handling the late fee.