Not only are IA and NE local, but you’ll find it easier to borrow money.Iowa only requires a license to lend money on owner-occupied properties, so this doesn’t apply if you’re flipping.

Most work this way Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

To maximize the number of transactions you’re involved in you will need to:Be Top of Mind when they think about moving - which requires consistent reminders.Be seen as an Expert – which requires a consistent message and Evidence of Success storiesGain their Trust – which requires communicating integritySo, start out by listing everyone you know in an Excel spreadsheet.

Of course there are times that the tenant should be responsible but far too often it is just a LL weasel clause to improve the bottom line at the tenants expense.

Most states do not require you to provide receipts.However, if you think the tenant will push back on the charges, show the evidence and stop the argument before it begins.

So going in person would be too expensive and time-consuming. 

When I self-managed properties, I would pre-vet people (ask them questions and review the requirements), so only (very) qualified people applied. 

HI Jacorion,Glad you are starting off your journeyYou can always start off by house hacking meaning you live in one UNIT or ROOM and renting out the other vacant units/rooms to offset your monthly mortgage payment.There are several ways to run and make sure you are maximizing your rental income while keeping your living expense as low as possible.

If ownership is a single member (me), then one of two things happens. 1) we go with the lease agreement option and then Partnership B is receiving passive income that is much lower than what is expected; or 2) we go with a management fee option and then all the profit flows to Partnership B, but the expenses unequally benefit me as the single owner. 

I do know it is getting tougher and tougher to find cash flowing , especially in expensive markets.