I just read "NOLO Every Landlord's Legal guide".I'm confused with this scenario:Let's say the Property is located in a very desirable location in California, very easy to find tenants.Tenant [T] : has 750 credit score, she has clean records.1-month later, [T] want his new boyfriend [B] to stay as her roommate (also to save money on her rent).As landlord, is it really important to add [B] on the lease as co-tenant?.

But David Elefant I honestly believe, having been a student tenant throughout undergrad and law school, that you must define the tenant profile you desire within the overall student housing market, if that's truly the strategy you want to employ.

If people stopped beating around the bush and stated their intentions or desires there will be less wars and conflicts.

A lot of landlords will fill a multi family unit property with less then desirable tenants to deceive potential buyers by showing low vacancy and great cash flow.Maintenance; This is the tricky one.  

With that said, I have always had a desire to enter into the real estate industry more as an investment and to achieve financial freedom.

Eventually, when I find the deals that make sense, I will build a portfolio of rentals, with the goal of providing the passive income necessary to fuel the lifestyle I desire.I'm also interested in investing out of area / out of state where prices are lower and I can see some cash flow "upfront"; even interested in flipping out of state down the road.I'm already having a lot fun just learning (having my eyes opened), and with my burning desire to succeed I will keep having fun learning and doing throughout this whole journey.

It does not have all the elements you desire, but then again you  (nor I) can't afford all the things you  (we) want, not yet.

hi kenneth. no, these are not specific to ny. these are guidelines that i followed to get the info i needed. granted, in other states, the " release of lien" or " release of mortgage" may be called something different, but the procedure is still the same. a few years ago, the feds put a limit on the number of foreclosures that a bank could put back on the market. that prompted the banks to put just those better, or more valuable houses up for sale and sit on the less than desireable ones. eventually, the banks come to the conclusion that these " junk houses" not only made their books look bad, but they were never going to get what they needed for them anyway. and, foreclosing costs even more money. so they release the lien. it gets it off their books, and takes away the liability for the house from the bank. yes, it puts it back into the owners lap free and clear, but the bank has to cut the fat somehow. so, they have to file something to release the lein, with the register of deeds or who ever it is done with in their jurisdiction. this is what you want to look for. 

She is doing that with another investor and looks to be moving desirable properties quickly with a good down payment and an above market sales price.I am going to be looking at a SFR 3/1/2 that I have a lead on through probate searching.

I have seen rents as low as 550/mo (low-end, not good neighborhoods) to anywhere from 700-1,000 for better locations or desirable school districts.