Oh Jim I forgot to ask, if lots of rent is paid in cash and you are managing it yourself from out of state, how do you plan to get that cash into your bank account?

Account Closed hey man, I know this post is older but I'm curious how you went about getting 2 different lines of credit at the same time.

Account Closed Thanks

I'm actually not familiar with quiet title; I'm under the impression that it involves going to court and spending a fair amount of money?

I’m not an attorney nor an accountant, so I’d recommended speaking to both of them about your specific situation.

For purposes of discussion here, assume the HOA is well run, the annual operating budget is sound and the account balances for reserves are within the guidelines set forth in the most recent reserve study.  

Once the equity was in my account I was able to do whatever I wanted with no questions asked.

I use USAA for my rental, if you can get an account them, you should try them out. 

We purchased a 3 bed 1.5 bath home, 1500 square feet on half an acre:Purchase price: 66K; 20% down paymentRent: 850.00PITI: 390.00Vacancy: 10%PM: 8%Repairs: 10%Cap Ex: we have a separate account set aside for this that we fund ourselves and contribute to monthly.Rehab costs: 3K (paint, flooring, cleaning)Monthly cash flow: 222.00Cash on Cash return: 16%I'm happy to have our first deal done.  

I've learned everything I know involving real estate investing from Bigger Pockets.