@Hanzel AnaAs a beginner in rental property investing, it's essential to learn the basics of cash flow, cap rate, and financing options.

It's an amazing concept, but essentially currency is the plane upon which economic activity takes place. 

My plan was to "self-perform" a land contract by filling out a purchase and sales agreement for a land contract that specifies I will take over the mortgage payments, get authorized on their mortgage, and be authorized essentially to fix up the property and eventually sell it on the MLS since the land contract will give me that control/equitable interest.

Possibly should have done something about the deposit but everything that happened with him moving out was essentially conducted without notice to me and it's hard to say now whether I even found out he wasn't there within 30 days of his actually moving out.4.

They handle:Monthly Payment ProcessingEscrow for Taxes and Insurance: They ensure property taxes and insurance are paid, which is essential to protect your interest in the property.Record Keeping: They also maintain records, which can be invaluable if any issues arise during the term of the loan.ConclusionGiven the details of your property and the $200,000 sales price, a possible scenario could look like this:Down Payment: 10% ($20,000)Loan Amount: $180,000Interest Rate: 8%Amortization: 30 yearsMonthly Payment: Approximately $1,320 (principal and interest)Balloon Payment: Due in 5 or 7 years (this allows for refinancing or payoff while giving you some flexibility).These terms are flexible and can be adjusted based on the buyer’s credit, down payment size, and negotiation.

If this is the case I run the risk of becoming underwater on the mortgage and getting myself essentially stuck in a property I don't want to be in long term.

If the separating wall is a load bearing fire wall, it would have 2 sets of framing material on either side, essentially you have 2 completly independent houses joined by the roof, you can go in the attic and see if you see sheetrock going to the ridge of the roof. 

There's also all the expenses w/ housecleaner and essentials for the house. 

So we think flood insurance on this one is a wasted expense each year, and can go away when we are no longer tied to bank financing.Screening and vetting: As with every property, vetting good tenants is essential to success.

It seems that pushing them to do their jobs is always essential; - There is a lack of horizontal connections between employees.