However, there are steps they must take prior to reaching this stage of the game, including notifying the landlord/management IN WRITING (keeping a copy of this as your documentation) of the issue and giving the landlord a "reasonable" amount of time to address this repair issue.Keeping areas free of rodents/vermin IS one of the requirements. 

You need to service them spring and fall, including filling or draining the pans, cleaning the pans and vents, replacing the pads, ideally every season, and lubing the fan and the motor.

Yes, I've been running the numbers for them trying to include all scenarios.  

The purchase price is $750k.Gross Annual Rent is: $91,800Expenses include:  Property Taxes $6,300 Property Insurance $6,000 Water / Sewer / Trash $7,200 Advertising $0 Live in Manager Free Rent $8,400 5% Repairs / Reserves $4,590 5% Vacancy $4,590 Total $37,080 As you can see above, there is a live-in manage who takes care of everything from painting, re-tenanting, collecting rent, etc.

@Rick Santasiere and @Jonathan Makovsky, I'm trying to reconcile the language to make sure what I want to do is OK (short of talking to an attorney, which comes next).First, the statue Jon quotes includes the phrase "and for a fee, commission or other valuable consideration" as a prerequisite to the list of things a broker does (including collecting rent).

not quite sure what you mean there.I know several investors, including my neighbors, who have done extremely well with Condos here in Galveston.  

I am looking to include a real estate person on my team for that very reason.  

So far I have been cramming to learn everything I can about real estate including listening to the BP podcast, reading books and reading tons of blogs.I am excited to start this journey and I am excited for the challenge and growth this will bring to me. 

That's not including the possibility of value adding on a property.

These numbers are approximately and based on financial institutions that I contacted and gave me quotes. 1. 220k x 3.5%= $7700 downtenants pay: 1200 x 3= 3600 mortgage: 1387 (tax, PMI, etc included)water: 170cap x: 200 (appliance depreciations, repairs, etc)loan: 176 (10k loan; my personal loan obligation) PROFIT: 1,667 mon. (20,004 yr) **I could save 6 mons from the profits and pay off the 10,560 from the personal loan.Property 2; I would write and notarize a contract up between me and a relative or close friend that will state that if they apply and qualify for a 30k loan which their monthly payments will be 528, I will pay them 10k over 12 months (834 per. mon).