Having done this twice already and getting ready to do it again... the SEC has some very specific rules about these kinds of things.Most of the rules captured under a generic term called 'Blue Sky Laws" deal with how you approach different levels of investors...

Here are the numbers for this as a rental.Gross income $550Operating Expenses $275NOI $275Mortgage ($39,000, 6.5%, 30 yr) $290Monthly LOSS $15Generally, as a rule of thunb, you should get about 2% of your investment in the property (purchase price + rehab, etc) per month in rent.

As a general rule, I do not pursue any property that I do not believe I can get 75% of market value on.

You have numerous RULES to live by, that your tenants may refuse to live by, (so write in the contract that they have to or can be immediately evicted)You have to keep all dues paid up, or you will be fined, and quickly could lose the place to liens and foreclosure.Minna's right, s SFD is a lot of work, but if the place is in good condition, and you have the insurances, it's not a big deal, probably.

I would go to the tax records and find out who the owner was and contact them directly, there are no rules that prohibit you from contacting the owner.

These rules went into effect in 2004 I believe.

There is some logic to this law change because most people under the prior rules didn't recognize a taxable gain because they rolled it over into another residence," says Trinz.

I know rules are set by the state you are renting in, but what office in my state would I need to go to in order to get a listing of what I can and can't do as a landlord?

Another rule of thumb is to talk less, ask more questions, and listen.

if your going with financing and a longer closing then you will have to show the bank your well qualified and pretty much play by their rules (their conditions, timeline, etc.) if they don't have any other offers or any cash offers (the bank i work with will take deep discounts for cash and fast closings (2 weeks or less)) you may make a higher offer but if the bank can get it off the books before the end of the month with a deep discounted cash offer then they will seriously look at it, even if they lose some money.