Being that I work as a paralegal for a RE law firm I see people buying investments all the time!

Get the articles of incorporation, the CCR's and _all_ amendments, and the by-laws to find out the rules you WILL be living under, whether it be condo, townhouse, HOA or POA, or any kind of planned community.

Looks like my father-in-law is about to get it rented out for about $150/mo cash flow.

Now there could always be some state laws around it, and I would recommend consulting with a QUALIFIED attorney in your state that specializes in real estate.

Realtors are required by law to uphold certain rules, regulations, standards, etc.

There are tons of things you need to do to investigate a property (maybe I should write a detailed piece about it - hmmmmm): investigate liens, encumbrances, zoning, HOA . . . if you're trying to rent it out: tenant law, market rents, general landlord knowledge . . . if you're rehabbing: covenants on working, comps . . .

The Department also promotes economic and community development as well as enforces the nation's fair housing laws.

I don't require a rental agent my father in law lives nearby.

And in all instances, there was tax paperwork (Form 2119) to fill out to show that you followed the rules.But when the Taxpayer Relief Act of 1997 became law, the home-sale tax burden eased for millions of residential taxpayers.

Hey my rehab may have been a little more than I expected to bite off..BUT...after 2 months of following the strict letter of CT LL-tenant law, I had my first eviction hearing today, and my tenants are now on their FINAL 5 day stay of execution.