I've been pre-approved for the asking price of the property ($24,900), and the mortgage banker at Quicken Loans has generated the documents based on that price.

If it's the former, you should put together a document describing the property, purchase price, financing structure (bank mortgage, private lenders, your own cash, all of the above, etc.), your investment/exit strategy, etc.

Great for doing documents on the go.LoopNet - Free.

As for other gotchas, hiring a good attorney that is well versed in creating syndicates for Real Estate will help to insure that you have all your ducks in a row as it pertains to the documents used to cover yourself.

Trying to figure out what to do with it.My goal is to create passive income.I was thinking self-storage or even document/record storage, but it seems that the space is too small for that.Another idea is laundromat on the bottom floor and something like a barbershop on the top floor.

I thought it would be nice to include a one-page document explaining what a judgement means to someone it is levied against because I don't think the tenant left the court house understanding.

an operating agreement is basically the contract between you and your partner, and not an area i'd skimp on. the operating agreement is the guiding document that sorts though the rough times...should things go south. and they do, sometimes even with family ...

in CA its a few documents with the authority.

http://www.com.ohio.gov/documents/real_HBGWebVersion.pdfA real estate broker is required: http://codes.ohio.gov/orc/4735.02 but by definition in http://codes.ohio.gov/orc/4735 you are not 'for a fee' or 'for others', performing broker functions: "Sells, exchanges, purchases, rents, or leases, or negotiates the sale, exchange, purchase, rental, or leasing of any real estate..."

What is the best way to provide the documentation necessary?