And of course don't force him into it just to please you (I'm sure you're not)When you verify that he is truly serious about starting the journey, I would 1) have him do an extensive goal-setting plan.

.—(1) A materialman or laborer, either of whom is not in privity with the owner, or a subcontractor or sub-subcontractor who complies with the provisions of this part and is subject to the limitations thereof, has a lien on the real property improved for any money that is owed to him or her for labor, services, or materials furnished in accordance with his or her contract and with the direct contract and for any unpaid finance charges due under the lienor’s contract.

I have a biz cc with a decent limit and since Ive been a good customer with excellent credit they extend me ZERO interest cash advances often good for 18-21 months!  

Here are a few I recommend: "Rich Dad, Poor Dad" by Roberto Kiyosaki; "Set for Life" by Scott Trench; "The Unofficial Guide to Real Estate Investing" by Spencer; "The BiggerPockets Ultimate Beginners Guide" found here on BP; "The Book on Rental Property Investing" by Brandon Tuner.

Most people set their liability on their primary insurance to $300k, then have the umbrella policy kick in after that to a higher amount.

.- Set your standard and don't give up, in general, in the markets that I am active, you have some interest, but people that qualify is minimum, in most cases, I would say that what Jon said about 70%-80% is accurate in my markets too.One important thing that I found is that meeting them before you do the final decision is very important, I had the opportunity to have a competing tenants one and when meeting them it makes life much easier seeing if they will care or not for your house.

.- rentals do not go under an S-corp, which is why a separate PM company was suggested- S-corp technique on reducing SE tax is both tricky and costly, and you cannot set up your salary arbitrarily- you can only base your 401k on the part that IS subject to SE tax- you usually cannot generate enough "earned income" from this 2-companies setup to make it worthwhile for 401kSee, it is not simple.

I quickly observed the tenant had a dog, a roommate, and an Olympic weight set - none of which was allowed per the lease.

I picked out what I wanted and set up the delivery dates.

It’s giving the advice of setting up multiple accounts for different purposes, and my question is, what banks do you currently bank with that allows you to open up multiple checking/savings account for one entity?