That would certainly provide more value to members of this forum than a vague assertion.Everyone who has responded to @Ray Li prior to you is a CPA, not non-tax pros googling "these topics out in order to provide sound advice."

TY for your advise.He tried to reach the prior seller, But he doesn't has any seller info.

:0(Forced to sell home / condo - in 2009 - could not find suitable work = sustainable incomeGave away most all contents in condo = books, sofa, etc to SALVATION ARMY prior to saleBeen in Poverty for over a decadeFinally found work bagging groceries for 2+ years / 3 hours PER WEEK as ONLY JOB making $35 / wkI have been wearing mainly the same clothes for 15+ years - purchased some at Goodwill & SAVERSNo Gym memberships for 8+ years, just on and off as "guest" & walking the surrounding neighborhoodsNo Vehicle for 6+ yearsOn Food Stamps for 5 yearsLiving with Parent for support for 10 years and still here !!

Is there any advice you wish you had known prior to buying your first property?

I checked my account prior to meeting with her and she hasn't paid rent.Baby daddy started getting hostile and I gathered my things.  

Learn the law, start creating policies for common problems, and run it like a business, not a charity or a terrorist negotiation.

I know I need to put something in place to protect myself and a prior post brought up umbrella insurance policies as a better alternative to an LLC for a smaller investor like myself.

Establish a policy and follow it to the letter in all cases.

You must be strict with your training policies.

Even if it's not an attorney, it should be a title company and I'd prefer something like ATG (which again, may be more like IL thing) that is giving you a policy on that so you are protected.