Both the lawyer and CPA are key to crafting a tight and necessary Operating Agreement for the new LLC you will want to set up for your partners and yourself.

If you're budget is tight you could also drive and look for FSBO properties.

To me easier is to cinch the belt, and then when that is as tight as it can be, more income obviously is needed.

It could be a little tight depending on that.For example, if it's $20k rehab, then using the standard formula $135k ARV * 70% less $20k rehab = $74,500 max offer.Also if you're keeping it to rent, be sure to have a refinance strategy lined up, as HML is short term.Good luck!

Going to sit tight and focus on fixing it up over the winter with the intent of being in a position to purchase again in the spring.

Seemed like an awesome program (and it is), but we had to go through two different underwriting processes and the lender couldn't meet our closing deadline.  

Welcome to BiggerPocketsI recommend you join the local Real Estate Investors Association (REIA) & free Meetups to be around like-minded individuals.In Oklahoma City, we are a tight group of investors and colleagues.

I try to mitigate damage they could cause by doing a regular inspection and if I notice any damage caused by them I give a deadline for proof that they've had it fixed or I have it fixed and charge them.

If they give me first month rent and any pro-ration if they are moving in earlier, the keys will be waiting for them on the counter when they move in.If they are tight on money, they can have the keys when they give me rent and any pet fees.  

Whether it was losing a job or spending too much setting a tight budget when you are not doing well financially is a good idea.