I have full confidence that I can have him "evicted" for tresspass - the law is clear here.

Some things I learned along the way:-I'm not good at marketing-I need a pro to do that for me-I was too proud of the property and had it over priced-I learned that self managing a property long distance can be done, but it is a royal pain in the rear-A GOOD property manager is worth every dime they charge.

Patrick D.thank you for the follow up sir - truth be told, getting a loan was something I was considering, but no it wasn't something I had my mind set on and needed validation for - I can understand though why it may have seemed that way, but honestly, im still trying to weigh my options and determine whats bestI completely understand what you're saying about the field of being an agent is very difficult, especially in the beginning, and thankfully I've been fortunate to have the support/encouragement of my friends, family and the wonderful community here on BPit sounds cliche, but I sincerely do value all these responses and perspectives from all different types of people on here - you're words are much appreciated and will most definitely be taken into serious considerationas I said before, im still undecided in regards to method of paying for initial expenses, but im confident that ill be able to figure it out, especially now that I have the opinions and perspectives of all you guys on here.

There may be better rentals in other places in the country.Regarding financing, that is a hassle, when self employed.

Great list @Ky Sharp If you are confident in your analysis and buying all cash the appraisal/bpo isn't necessary but an appraisal may help you negotiate if it comes in low.We like to have two or three mgt companies walk the property during due diligence and propose their mgt plan that includes a capex and/or repositioning budget.If the subject property and all properties nearby are the only things ever built on the land there you may not need a phase 1 environmental but if it's a large property and/or you're bringing in outside capital (lenders or equity partners/investors) having one demonstrates your thoroughness and professionalism even if one is not required.If there isn't a recent survey one it may be required but if one is not required getting a new one falls under the same considerations as above.We have gone to always having an engineer do the inspection even though it can be 2x what a non-engineer inspector may charge.

@Paul Jamgotch most people can easily create self employment activity, but you should consult with the tax professional regarding your specific situation.

My conservative estimates of a $775 rent would still cash flow about $470 a month and return me about 12% annually on my money.If you self manage and pay all cash you will hit this number if things don't get too crazy with the HOA.

On the other hand, if you are getting good return on your money in your 401k (more than you would pay back to your self on the loan), you can also explore doing a conventional financing.

I've looked at trying to diversify markets as far as turnkey properties, but so far have only found one company that I feel confident with.

I highly recommend the self help legal books from Nolo Press.