I just don't know what the proper steps are when buying the contract.  

Never too many if leveraged properly. you will max out at 10 conventional loans. 20 if married i think.

These associations are incredibly valuable for education, advice, access to legal forms,  screening services, networking,  etc.If there is not already a tenant in place, be sure you understand how to properly and legally screen.   

But, you really should talk to a tax professional about your proper course of action. 

My friend and i are looking for an investment property here in Orlando FL. It will be the first of many properties to come and i want to start off the right way. Can anyone recommend weather we should get the mortgage...

I had one inspector tell me he could fail every house on the street, but he was very lenient because the tenants were nasty.The courts will require a rental registration for an eviction.Good luckBobSo far I've had 2 of my Cleveland proper properties get the random inspection... both passed with no issues.

Think about it, you could use that money to buy Jr. a home free and clear and let him work and save his earned money 100% to do whatever he wants with, such as buy a new car (or support his family properly like a man).

It's all about properly screening tenants and doing your due diligence on everyone.

Your report doesn't appear to be properly linked, @Tyler Keepers.

We're planning to do a cash-out refi but our CPA also suggested that we transfer the deed to our LLC's name for proper legal coverage.