Here's was my Pre-Purchase Checklist when I first started:Upon Contract AcceptanceEnsure Access to Property: * Make Copy of Property Key(s) * Purchase New Lockbox * Place Key(s) in Lockbox and Install at Property (hidden)If Certified Funds are Required for EM: * Get Certified Funds for EM from Bank * Submit Certified Funds to AgentIf Financing the Purchase: * Send Contract to Loan Officer * Provide Loan Officer Property Info * Connect Loan Officer with RE Agent Info * Have Loan Officer Schedule Appraisal * Make sure Loan Officer Knows Anticipated Closing DateDue DiligenceInspections: * Turn On Utilities for Inspection (water, gas, electric) * Schedule Termite Inspection * Schedule Property Inspection * Attend Inspection and Take Notes for “Scope of Work” * Get Final Inspection Report and Review for “Scope of Work” * Get Termite Letter/Pest Inspection ReportContractor Prep: * Create Scope of Work * Create Materials List * Determine Which Contractors Are Needed: * GC * HVAC * Roofer * Electrician * Plumber * Pest/Termite Control * Painter * Landscaper * Carpenter * Schedule GC Walk-Through(s) * Get Contractor QuotesPurchase Decision: * Perform Final Financial Analysis Using Estimates/Quotes * Perform Both Flip and Rental Analysis * Make Go/No-Go Decision on PurchaseUpon Contingency FinalizationFinal Purchase Prep: * Get Closing Date from Lender/Agent * Arrange Landlord Insurance Policy * If Financing, Connect Insurance Agent with Loan Officer * Follow-Up on Appraisal with Lender * Choose a General Contractor * Choose Sub-Contractors (if no GC) * Determine Exit Strategy * Create Rehab Schedule (if no GC) * Create Final BudgetPrior to ClosingFinal Loan and Closing Prep: * Obtain and Review HUD-1 * Obtain and Review GFE (if financing) * Ensure Loan is Ready for Closing (if financing) * Get Certified Funds for Closing * Determine How to Hold Title * Get Partnership Agreement Documents Signed (if partnering)Upon ClosingDay of Closing: * Get Keys * Change Property Tax Records to Home Address * Get GC and Sub Contracts/Docs Signed * Arrange GC and Sub Start Dates

Maybe having rentals on the MLS is more common where your property is.Leasing is hard work if it's done right - property advertised, references checked and a background report with credit and criminal history should be run.

This is helpful in some situations, but not all...And on Investway, I am not able to pull "all solds" around a certain property without dinking with qualifiers for hours, hoping to get the right combination of filters that will ALLOW a sold or two to show up on the report.

Here is some good news for small operators!

I know this person isn't going to have the best credit but what would I look for on their credit report?

The good news is that I just snagged another one yesterday (if it goes thru).

The LLC Annual Report Fee is $500.

I have not run one, but you might want to try a CLUE report http://www.lexisnexis.com/risk/solutions/clue-home-seller.aspx

There is no "responsibility" to report to the credit bureau by you the mortgagee (creditor).

Now I started suspecting about the inspector as well.I do not have an inspection report in front of me now but will check it to see if the inspector picked these problems up when he inspected the property.Now, after receiving advice from all people on BP, I am leaning toward contacting this PM to say that I would like to terminate the management agreement because I am not happy that they never asked for my prior consent for repairs despite the agreement expressly requires.If they try to charge the termination fee, well then we will have some disagreement....