It's probably closer $3,500, rough guess time assuming the 1st mortgage is in the 1st month of its second year out of 30 when the first $3,000 chunk goes toward it.

He's very thorough with this standard inspections and he also offers "investor due diligence" inspections at a reduced rate.

The older the home and the closer to the city center, the less likely an HOA even exists. 

After inspection/appraisal is done, then you do the Padsplit conversion. 5.

Garland has rental inspections. 

.- Most cities do NOT care if an owner lives in basement, but will not allow a tenant to unless baement has legal egress window.3) Check local statutes if any limitations on how many unrelated roommates are allowed.4) Check with local building dept to see if rental inspections and corresponding requirements.5) Local statutes allow locks on bedroom doors?

He is really open to giving advice and would even help with inspecting properties we find. 

Other options could look like a property closer to you or in an area you are more familiar with, could be turnkey options with an established company, could be partnering with someone to gain some experience. 

You could also ask if you could do your inspection prior to going under contract and then make an offer without the inspection contingency. 

We have assets for sale in rutland vermont that are closer to the 2% rule.