The property will have to carry the full operating costs and debt obligations by a factor of one.

Hey Ashley,Section 8 provides a subsidy to low-income tenants to help cover their rent, with the amount varying based on factors like local housing costs and tenant income.

The cost of living is extremely low compared to other cities and you can still many many positive cash flowing and 1% deals here.

-My terms: a 5% commission (I’m a licensed agent) to be credited at closing towards the purchase, plus $10k towards closing costs.

Procrastination can lead to misunderstandings, increased legal costs, and the potential for legal disputes if negotiations deteriorate.

While a personal account is acceptable, setting up a separate account specifically for rental income can make bookkeeping and tax reporting easier.Regardless of the payment method, always provide tenants with receipts for their rent payments.Keep detailed records of all rental income and expenses for tax purposes.Consider implementing a consistent rent collection policy to avoid confusion and ensure timely payments.Be aware of local laws and regulations regarding rental properties and rent collection in your area.

Typically, any lease violation can be grounds for eviction so long as your willing to go through the legal cost and process to follow through with it. 

And split the cost of course.5.

And of course there's the standard closing costs of the loan, initial insurance payments, permits etc. 

You will create a taxable event that costs you 15% of your profit, plus don’t forget the 3% surcharge on capital gains over $200,000.