Will call him again when we're ready to buy more there.

I'm wondering if someone from this forum ready to guide me basics of RE and what needs to be done to grow myself.I live in San Jose,CA , working as IT engineer but want to enhance my career in Real Estate.Thanks for your help in advance.

Not sure how much of that PITI is P&I, but you've omitted capital, vacancy, maintenance (mostly caused by tenants), other utilities (at least when its vacant), make ready, legal costs, CPA costs, etc.Landlord insurance is more expensive than homeowners.As far as the tax benefits, your net rental income will be the rent you actually collect, less all actual expenses (taxes, insurance, PM, maintenance, utilities, etc.), less interest (not the principle payment, though) and less depreciation.

You may feel like you're ready to run but believe me you need to crawl in the beginning.

I went in and made it rent ready (put in a lot of hours). walk thru on the 30th and they said, "you did a lot of work in here. you need to pay for the 5 days."

However, as always with areas with good potential, be ready for strong competition!

Check with county treasurer, you can find the mailing address of the owner if they are an absentee owner , or at the very least the name of the owner.

I'm new to investing too and haven't really felt "ready" to jump in.

We purchased it 3 weeks ago and now find there is a lot to do to get ready to sell.

So if they have an eviction situation, leading to zero income for a few months, and then more money needed to get the unit ready for the next tenant....