That said, some versions of the scheme involve buying a property, renting back to them and not paying the mortgage, or obtaining title and collecting rents without bringing the loan current.

Next time be pickier with the neighborhood and the condition of the house - and never trust the realtor to collect security deposits from the seller if buying with tenants already in place Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Myself and four of my friends are looking to go on this journey together (also using their own salary as to cash flow to build our collective portfolio)As are all fairly new, we have a few questions like:Should we incorporate ?

.- Personal Articles: Coverage for belongings that have a special or collectors valuesuch as Jewelery, Furs, Fine Arts, Collectibles, etc...Your age should not be a factor on the pricing but, depending on the company these other factors may get you credits:- Insurance Score (company pulls certain info out of your credit report)It is not your credit score but generally better credit will result in a better score- Time at your job- Education level- time at current residence Good Luck & feel free to PM me if you have any questions.

I'm looking for a roommate to share a SFR and the BP book advises collecting an entire month's rent for the Hold Fee.

Also I have several uncles who are in the business of real estate and have way more properties then I do and they constantly give me advice.All of my Dad's properties are located in a very small town (200pop) with no work in town, it's more of a retirement place where tenants collect welfare and don't really work.

I house hack in my property and collect rent so I'm trying to decide if I want to apply the rental income to my actual income.I also am looking for a tax professional I can keep meeting with on a quarterly basis when my business starts to pick up.The last tax professional I worked with did not do the best job so I would love any and all recommendations!

IMO, cash flow is a good way to invest in real estate because in the long term the property has a chance to appreciate, but we are not counting on that, but during the time you own the property you will be able to collect a 'dividend'.  

A slightly significantly more involved question: How do I take the desired monthly income that the group would like to collect from the property and back-calculate the down payment we need to save up in order to purchase a property?

Make sure you collect a security deposit as well.