I've created a team out of family and friends to increase my network.

Here are some steps and considerations to help you make an informed decision:Evaluate Cash Flow: Create a detailed spreadsheet that outlines all income and expenses associated with the property.

When I've been sued, I've won.It needs to be handled and documented in Escrow with Title and include appropriate Disclosures.I couldn't care less about their credit.

I have assumed their leases and added an addendum that includes a few items (no auto renewal, new payment address, etc… ) which I am planning on asking them to sign.I sent non-renewal letters about a week after closing (early April), which gives them way beyond the 30 days' notice.

You create a loan from your Roth IRA for say 20,000. 

Expenses like this include things like property taxes, insurance, maintenance, administrative and office costs, payroll, marketing expenses, and property management fees. 

In the section for rentals in TurboTax, there is a checkbox if it was the first year for a rental, including the number of days it was rented.  

You start going down this path and you risk creating disgruntled tenants.

Almost everyone here on BP will tell you that they wish they had started earlier, myself included.4.

To minimize audit risk, it’s advisable to choose “Other interest” instead of “Mortgage interest” when reporting.Part 2: Forms 1099-INT from Investors to Private LendersForms 1099-INT Explained: Similar to the interest earned on savings accounts, Form 1099-INT outlines the interest that must be included in taxable income.