Finally, resist the desire to make a big advance to your contractor for materials at the start of the job.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

I joined BP a few years ago; but, I haven't really done a great job of taking advantage of the forums and the content that is available here!

If the place is in good shape and the condo board does a good job managing it, that $50 a month will increase every year with annual rent increases.

@Steve K. did an exceptional job of outlining key first steps to take.

This is an average condition house for the neighborhood and area.I have set my screening requirements as:600-650+ credit score3 times monthly rentNo evictions, violent, or sex crimes6+ months of job historySome form rental references.I have an applicant who meets all requirements except I am unsure if he will have rental references because he told me he's couch surfing right now.  

Colorado is a solidly blue state now, used to be purplish, but we're still better than every other state in every way (most consistent appreciation, increasing rents, population growth, recreation opportunities, moderate climate, recession-proof jobs in diverse industries, desirability, affordability, landlord friendly laws, the list goes on...).

Another person posted a nice article/ flyer detailing this transaction.However I doubt any upREIT would take something this small.  

Being nice to bad tenants only results in more bad behavior.When there is no written lease, tenants are considered to be on a month-to-month lease.

It has a strong and diversified job market and relatively high quality of life for the midwest.