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....

Hey, Arthur Banks, I'm kinda at the same place as you...Getting ready to do my first rental.

They will be there when you are ready for them

I'm ready to Rock n Roll though, so if there is anyone in the KC area that is looking for a Mentee to take on, I'm sure I'll be a good fit for you!

They will probably L/O to you and request a down payment amount as well, so get ready, money talks in RE, unless you can find the right person who needs to get out immediately.

Since other types of loans would cost you real dollars, you may be better served by giving those dollars to the seller in exchange for him giving you a loan ready property.

So anyways, here I am ready to take that first step.

Insurance companies like to not pay claims so don't "save" a few dollars by getting a homeowners policy that doesn't indicate the place is a rental, or get a policy extending off your personal insurance but own the rental in an entity, or get a rental policy for a place that will have a big 8 week rehab before it is rent ready, or not tell them the place is vacant if you can't get a tenant within a month (Or whatever your particular grace period is).All of these are reasons they can deny your claim so those dollars you saved really aren't worth it.

If you have looked at a few every month over the next year (even though it can be frustrating if you aren't in a position to buy just yet) you will be in a much better position to make a solid offer when you are ready.