Currently my management company is asking if I want to rent to someone whose credit score is in the low 500s, which doesn't meet their criteria, but they otherwise look fine and have a guarantor with an excellent credit score.

Obviously many non-financial considerations need to be taken as well, but it seems like an excellent way to get started for a buy and hold. 3.

The "one pager" contract has its place, but I use the State contract 98% of the time because it offers excellent protection to both seller and buyer, is easy to fill out, and is what everyone is used to seeing. ....God forbid you should ever have to go before a judge, but if you do and your transaction was based off of anything other than the State Contract, whatever leg you had to stand on will evaporate.You could certainly hire an attorney to draft one if you would like to go to the expense.

They have been excellent.

I am currently using Excel spreadsheets for our rental properties and would like to know of some other options for REI Bookkeeping?

They have told me that I am well over my limits with my current mortgages as they don't fully count rental income towards cashflow.I am not keen on selling either of my houses as they are both in my plan for long term appreciation and feel like they will go up much more in value if I hold them for a number more years.I know there are a whole selection of success stories on these forums and was hoping someone may have had a similar situation or might have an idea of where to direct me for advice or reading material that can help.

Purchase price: $240,000 This duplex was in an excellent location!

Based out of Minneapolis, MN and searching in Cleveland, OH I had some lenders say they are hesitant to lend since I won't have direct oversight from a couple of states away, even though we have completed our vetting processes in the area and made what we think are strong selections for our team. 

One guy's opinion - skilled trade relationships are right behind tenant selection in importance.

That’s excellent info!