The city recently inspected the property and determined that a converted garage was poorly constructed.

The owner is responsible for any damage to the property that wasn't the fault of the tenant.

when you buy a property you'll have a down payment, closing costs,  rent-ready costs, costs to get set up with a PM, a commission to place a tenant...

It has been a dream of ours to own rental properties.

What is considered a good goal for return on equity in a property?

The long term goal at the subject property would be to add an ADU to the large side lot and have 2 units OR sell and purchase duplex/ 4plex. 

Before I looked at the deal, here's what I asked from him:The purchase and sale agreementRehab breakdown documentation2 HUD statements of previous dealsDeal info (Property profile, funding, security, repayment plan, etc.)Title company involved in the transactionWhat I also asked for was a term sheet from the hard money lender that was lending at first position.

Hi guysI am planning to buy my first property soon.

I am not an investor, well, not an investor of real estate property.

Brass tacks:4 months into the dealVisited the property a total of 5 timesHired a contractor local in that areaSplit just about $100,000 between my partner and I.