Also, I'm not sure how you secured the contract without proving that you had financing ahead of time.But congrats on what should be your first rental (and rehab), right?

I bought a 97 year old duplex with one permit on file, for a deck... 

You can also check the file place on this website.

So, I took out a personal secured loan for $4500 plus a little over $1000 that I had saved.

Trying to master the 1031 exchange law to help my clients when they file their taxes.

Hello everyone,My husband and I just bought our first rental house in Beloit Wisconsin, and are in the process of finalizing our Tenant Application.I was wondering how to go about disqualifying applicants in a respectful, legal way (i.e one of our requirements is to have no evictions filed upon the prospective tenant).Any advice would be greatly appreciated!  

The security deposit covers the last month's rent. 

However, I want to provide security for my family long-term and attain Financial Freedom.

Hey Bryan, you could buy you next property in the next month if you want to, but I am assuming you are asking about the 2 year period due to banks wanting to see 2 years of filed Schedule E's to use the rental property income in the calculation for what loan they will give you. 

. ($50M portfolio) & I can tell you without a doubt it's a terrible idea to put a tenant in the property that cannot pay 1st months rent & an equivalent security deposit.The fact that many people you are talking to cannot afford this is actually a good thing.