Also, I'm not sure I understand how interest payments are calculated if there is a balloon payment usually after a few years... for example, if I bought a $100k duplex with $95k financed at 5% interest and a balloon payment after 4 years, are payments based on a 30-year amortization schedule (meaning my payment would be $510 each month for 4 years before the balloon)?

Even though they do good screenings, there are other ways they can turn off a good applicant, like how flexible they are to schedule showings, if they have multiple ways to accept rent payments (one of my PMs only takes money orders in his office, no exceptions; another PM won't accept move in date other than the first day of each month for easy bookkeeping from his end), or if they charge ridiculous non-refundable pet deposit and pet fees, etc. 

For example, in original loan estimate there was a lender credit of 500 plus now it becomes 200 credit and even that is used to offset much higher appraisal related charges 650+150(investment cash flow schedule)And to be clear, I made it clear this is investment property upfront, not like I want to take advantage of cheap government money by pretending this is a primary residence Anyway, this ranting was partly due to dealing with them and with insurance along the way accumulated enough negativities and it just pushed me over the edge even by smaller deal surprise at final closing statements.

I'm scheduled to close on my first rental next week and the property needs some cosmetic repairs.

Anyway security deposits are to repair damage caused by the tenant not to repair routine wear and tear items.  

I am scheduling a yearly walk through. 

You have to look at the partnership agreements to see whether they state whether the expenses will be reimbursed...this area gets a little tricky...but generally, if the agreement allows for reimbursement, you probably cannot claim the deductions directly on your personal tax return.But if the agreement does not, then you probably can deduct it on Schedule E, Page 2 (not a separate sole proprietorship or under your 100% LLC, but the same form that you report your partnership income).  

Then it was sort of rinse and repeat.I did notice that was a popular starting point on a BP poll recently (renting out a place you already owned/lived in).It makes sense as you have the financing in place, the transaction complete, plus you have screened the area and the property, know all the maintenance and routines, etc.So your first home may be your first investment property, too, eventually. 

Please PM me if there are any scheduled investor meetings/ clubs etc. 


But I will say commercial due diligence follows much the same routine.