Also I would like to know the difference between In-place cap rate and stabilized cap rate.

Her approach to doing Real Estate deals is the exact way I want to do them, where all parties involved in the deal come out on top.  

You will build relationships, nurture them, and stay involved -- and that's especially true with your property (i.e. asset) manager.I will add one more consideration for you to this thread, and that is reputation.

It would be extremely wise to have an attorney involved through the entire process.

The Aggie country is now represented.I have been involved in numerous real estate investments in Texas.

Getting a family member involved is a really good idea.

You also need to check on the issues with the SAFE Act, getting a mortgage originator involved is a good thing to do anyway.

Sold comps on a 2/2 in the same complex from August of 2012 (ugh) sold at $115K which would make the target property around $108 a sq ft (but it has only one bath and I don't know how to account for that in the comp - what is the "value" of a bathroom).I've stayed away from really looking at condos because of the HOA/condo fee involved and being subjected to the whims of the condo association, but I don't know if I should do that or not -- am I blowing opportunities by doing that.

But the stress involved seems like much less too.I'm interested in real estate groups in Nassau County to build my network as well!

That being said, you can weed out a number of tenants with a simple, organized screening process before they ever get to the application stage - this goes a long, long way towards minimizing the amount of work you have to do.As far as explaining the costs, you just have to tell your applicants what you said yourself - there are expenses involved in screening.