Your mortgage is a 30 year fixed, and homeowner's insurance you can re-shop for every year with little cost to keep that down.

Sellers are smart and call every piece of direct mail they receive to see what the best offer than can get is.As far as the OP's question goes: Rapport is definitely big.

It may be smart from a legal protection standpoint (and you should definitely discuss this with a qualified attorney), but in terms of taxes, your Schedule E will look exactly the same as if you did not set up a single-member LLC excepting costs that are specific to setting up and running the LLC itself as Tom mentioned above.

J,You're too smart for me to mentor you.

First of all I think it's awesome that you're getting into RE at only 18, smart move!  

If done correctly, all of this should come from your 3.5% down payment and a little sweat equity, and you could be collecting cash money every month if you are smart with the purchase (you make your money when you buy the property).  

I know at least two people personally that are members (but I have never seen them post) of BP that make more than $3,000,000 a year.It depends on all the normal things.  1)  How smart you are.2)  What connections you have.3)  How hard you work.4)  How much money you start with.5)  Timing.6)  Location you start out in.7)  Luck.You should also be aware when most people talk financial freedom they have lower standards than you mentioned. 

I haven't spoken to the current property management company yet, but I wanted to get an idea of some info beforehand because I plan on shopping around for a property management company myself.1) Do some property managers have contracts with the property owners for specific periods of time (i.e. a 1 year contract to manage a property)2) If so, am I responsible for continuing that contract once I take control of the property like I am with the tenant leases?

Three smart guys.  

During these past ten years anyone who could fog a mirror and had some cash and/or some smarts could have or should have done well whether they invested in RE or the stock market as they've both rebounded very well during this last spurt.I'm no guru by any stretch but at 70+ years old and God willing still swinging, I have lived through at least 7 economic downturns from the '69 aerospace debacle to the '73 & '79 oil embargoes to the 79 Jimmy Carter 18 to 21% inflationary crisis to the '89 mortgage debacle to the 2000 high tech meltdown to the '08 mortgage meltdown.All that stated, what I'm seeing now is the absolute worse time in America's socio- economic history.