@Todd MulhollandEveryone here has given great advice and I even learned something myself.  

But please go in to this expecting to break even and learn for free.

Learn how to buy properties to flip or even buy and hold on paper to gain some expertise. 

Your record of this deposit (via teller slip or online transfer) will be your receipt of payment.This elimates complextity and the additional steps/rules that come with using a third party to collect rent.I get an email alert when a tenant makes a deposit, and each rent amount is unique so I know who has paid in case they don't have the teller add a memo to the payment.They can transfer funds online, or walk in to a local branch with cash, personal check, wampum, etc. 

@Arnella IrbyGet an attorney to sue and get a judgment against this personLesson learned any type of jv agreement if you are giving money you also secure it against the property

It gets paid over time but it still is an unexpected expense.i enjoy learning and want to hear from more experienced owners. 

Quote from @Michael Plaks: Quote from @Kory Reynolds: For my clients real estate businesses they pay between $4,000 and $650k purely for tax prep and tax consulting, Tell'm I can do it for $645k  ;)  I'd be happy to do it for $640k AND I'll personally fly both myself and the client (/client's family) to review their return together in-person...on an island in the Caribbean. ;)

Closing in an LLC would also mean that the new mortgage wouldn't show on your personal credit score too so it shouldn't implicate you when looking at an FHA or HELOC.

You can see how many properties that the person looked at.  

Hello all,My name is Raheim and I live in North Carolina, i am new to investing amd looking forward to learning and networking.