The condo will association fees that could put you in the red with that deal.

As Bill Gulley mentioned, there is a lot of additional red tape.

With the help of BP; I plan to continue learning and network with positive, successful people and or groups/clubs in my area, with the personal/business goal of owning “4 green houses and 1 red hotel” in 2014, or as soon as possible.

We did not win on them all but 97% were perfect.Also there is a flip side to this type of arrangement they do not try to grind me like I am a lender they see me more as a financial partner so for this service and NO red tape and the formalities of normal HML I make a pretty nice return.

Using Sharad's and J Scott's tips we screened the prospective tenants and avoided the ones with the red flags.

In addition to what Ed stated, the numbers you provided look like they could put you in the red on a monthly basis, or only break even.Have you factored in taxes, vacancy allotments, insurance, repair allotments, and (if applicable) HOA dues?

We're rooting for you!

If the seller doesn't want to share sales figures that is a big red flag.

My "scamdar" was all the way in the red by the time it asked for my credit card number.

(At this point, I offered to have him added to a phone call that I would start before with a bank representative on the line--to avoid him hearing sensitive account information--and he rejected this proposal: HUGE RED FLAG.