These guys take care of all my rentals, and I can not stress enough how professional, efficient, and trustworthy they are.

@Aaron Klatt sorry, too many typos from my phone...

I would do a thorough title search.As always, seek professional advice.

Jose,Here is a list of "hidden costs" that may surprise you if you haven't been through this before:Closing costs when you purchase the propertyTitle Insurance Policies for you (and the lender if there is one)Miscellaneous closing fee's (survey, recording, etc)Loan origination feesHolding costs (during the time that you own the property)Builders risk and Liability insurance policy premiumsProperty taxesHOA feesUtility usage chargesBuilding permit costsDumpster / hauling chargesLoan interestClosing costs when you sell the propertyStaging (if applicable)Realtors feeClosing costs (depending on where the property is, this could be a huge cost) Professional fees for accounting, legal and taxesCapital gains tax on your profitI hope this helps you, and good luck!

One thing I came across is making an offer at the initial meeting or even first contact over the phone.

HollandHolland and Company,CPAsNaperville, ILMessage me for email phone if you need it - can't post on discussions apparently.

I know I can rent it for 2+ times my mortgage but I also stand to make good profit if I sell, which is why I want to have a conversation with the right legal professionals to help make a good decision. 

You need to contact local contractors about professionally removing the asbestos and possibly dealing with a leaking oil tank.

You can get a cellular router, basically a router that will connect to an AT&T or Verizon cell phone plan.

This is professional stuff against fleas and it's awesome.