Having MLS access is absolutely a great tool, but you should weight the costs and benefits against the time and cost of everything else involved.

Originally posted by @Rich E.

A good one Is worth their weight in gold though

schedule e is a good look at how most small buy and hold types will determine actual income and expenses annually..

Here is item 3 mentioned above1.Delivery of Property Information Items: Within 7 days after the effective date, Seller will deliver to the Buyer:a)copies of all current tenant applications and leases pertaining to the Property certified to be true and correct, including any modifications, supplements, or amendments to the leases (applications, leases, modifications, supplements and/or amendments to be made available to Buyer during regular business hours at the Property);b)current rent roll (showing lease rent, delinquencies, lease expiration and security deposits paid), certified by Seller to be true and correct;c)most recent 3 months bank deposits;d)a copy of Seller's income and expense statement for the Property for the last 36 months immediately preceding the effective date;e)copies of the Evidence of Insurance for all policies since the last renewal, including invoices, current policy, and copies of the last three years loss run from the insurance carriers for fire, hazard, liability and any other insurance policy that relates to the property;f)copies of all previous surveys, environmental assessments, geotechnical reports, studies, architectural, engineering feasibility studies, “as builts”, plats, or analyses made on or relating to the Property, including maps, plans and drawings;g)real and personal property tax statements and any appraisal notices for the Property for the previous 2 calendar years;h)copies of current capacity letters, and current utility bills from the property's water, sewer, gas electric, trash, phone and cable service providers for the past two years, or permission to access these accounts;i)copy of existing Property Management Agreement; a)payroll detail – 2012W-2s, YTD monthly, and most recent Y-T-D paystubs;b)a current inventory of all personal property to be conveyed under this contract and copies of any leases for such personal property;c)copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller will not pay in full on or before closing;d)copies of all current service, and maintenance, agreements relating to the ownership and operation of the Property; including but not limited to: Laundry Lease, Cable/Satellite, Electric, Phones, Leasing, Commission, Advertising or other;e)copies of all current warranties and guaranties relating to all or part of the Property;f)current and past capital expenditures for the past three years;g)copies of all work orders for repairs incurred by Seller for the Property in the 24 months immediately preceding the Adjusted Effective Date; (work orders to be made available to Buyer during regular business hours at the Property)

Welcome to Biggerpockets @Jackie E.!

I run a fleet of 10 trucks, and since they are all over the IRS gvw weight limit I can depreciate them up front.

Originally posted by @Stephen E.

Chester Pa Rehab Rental PropertyGreat College RentalAsking Price:$16,500Estimated Repairs:$20k-$25kAverage Rent Rate: $750/month3XX E. 20th St2Bd 1 bathSerious inquiries only!!

Use arm's length lease-option documents along with the counsel of qualified professionals.To charge above market rent is asking for trouble, with both the IRS and when the tenant applies for the mortgage with the mortgage company.What the CFPB thinks is another matter.What I recommend is a. charge market rentb. 12 month leasec. give a ROFR or right of first refusal (Purchaser desires to obtain a right of first refusal or first option to purchase certain real estate owned by seller and seller agrees to grant purchaser the exclusive and irrevocable right of first refusal and first option to purchase.)d. get tenant to bank to save for a down payment in a savings account (serves as verification of down payment saved)e. get tenant to enroll in credit improvement (I recommend www.upgradmycredit.com )f. use a collection company (I recommend www.notecollection.com ) to assist the tenant in VOR Verification of rents.