Now that you are going to become a landlord..ask yourself if you are prepared?

I've had rentals in the past so I'm familiar with landlording, the smartest thing I did was prepare my wife for how bad landlording is going to suck, primed her for worst-case, told her horror stories, etc.

I have always completed my renovations within 30 days, and submitted all documents quickly, however when it comes time to refinance they have absolutely NO urgency in preparing the file.

When selling and carrying back a note, a) I complete a standard Louisiana purchase agreement and specify the terms in the standard agreement. there's a section for it.b) take the signed purchase agreement to the title company and they will prepare all necessary docs for the purchase including a promissory note for the loan. c) after closing, I get the note, they get the deed.

You need to foresee the future and prepare for the invevatable.

I am preparing a set of Yellow Letters and I was thinking of including my email address as well as my phone number.

I dont think her and her family would match up with my vacation renters and once we fix up the place, I really dont know if they would take care of the place.I guess I will talk to them and then maybe offer them in writing that they would not have to pay rent one month so they can financially prepare to move to another place.  

In addition to just being the closing attorney chosen by the seller, they also look over or can prepare the purchase contract for the FSBO.On a last deal (didn't work out) that was a REO (At that time my agent forwarded the contract with the addendum to me.)

Also, be prepared to have your friend play a different role.

The assessed value can be appealed, but be prepared to provide real evidence to support a lower market value...not just "$X is what I paid for it."