So I would actually say that even though most tutorials are aimed at NPNs, a lot of the information is very useful/relevant when looking at a PNs, especially when it comes to doing due diligence like ensuring title is as expected (you don't want to buy a 1st lien and find out you're now junior) and valuing the property (e.g., through a BPO).

I particularly like your laying out of the tasks of the day and having a discussion in the morning with your helpers...Concerning liability, probably worth a discussion with your insurance provider and/or an attorney to ensure you're covered adequately.

I think this could be a win-win, he would still achieve his goal of owning the properties and ensuring they are well maintained while also increasing his income.

Cap rates are low in NYC so you should be focusing on three and four unit buildings to ensure that your tenants cover your costs (my tenants in my two unit in Astoria do not cover all of my expenses), which will be more difficult.

In my area the buyer is paying for the title work, as it is the buyer that wants to ensure clear title.

As project sponsors, we definitely need to ensure our legal bases are covered.For the purposes of my question, let's assume that prospective investors are accredited and any investment would be a qualifying investment transaction under state and federal mandates.

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.Creating an LLC in California would cost you a minimum tax of $800 every year.

The main criteria I look for are:- Household monthly income is 3x greater than rent- Credit Score is above 625- Clean background check, no previous evictions, felony's etc.I spell this out on the application and listing to ensure only serious renters apply.

. ($472K [sales price] - $31K [commission/closing costs] - $5K [holding costs] - $432K [total investment] = $4K)I'm fairly confident with my numbers, I went over the bid with the contractor line by line to ensure it was complete, and checked the recent comps and comfirmed with my realtor. 

How can ensure there are no water or piping issued if the house is winterized?