There is a lot that can be done that a new renter, even one who may treat a property poorly, would have a hard time ruining.

I've read a lot about people buying and holding in the rust belt and have been doing some basic research into the areas. I've been leaning towards buy & holds in OH or IN, and looking at certain areas that cash fl...

Treat the entire bathroom as though it were a shower pan with the drain being the bathroom door.This includes the flange that the toilet bolts to.

We have cleaned up behind too many PM companies so would not want our properties treated in that manner.

Jon Holdman, yes this is "theft" in my book and should be treated as such.

As best you can, treat it as a multi-family unit, where NOI/CAP gives you an idea as to what you should pay.

Owning rental properties can be very lucrative, but it is a business and you have to treat it as such.

That can greatly change how the income from the sale will be treated.

So we're treating this as a challenge, getting the down payment else where (this is along the lines of Rich dad poor dads theory of not using your own money).

You will report both on their respective places.If you are 100% passive investor:The interest you pay on the loan is an expense to your business, if all of your investing is fairly passive it will be treated as an interest expense on Form 4952 http://www.irs.gov/uac/Form-4952,-Investment-Interest-Expense-DeductionYou will include 100% of the interest received on Schedule B to be reported on your 1040.Yes, you do have to issue a Form 1098 to the new buyer showing 100% of the interest paid. http://www.irs.gov/instructions/i1098/ar02.htmli.e.