I own two rentals and also live in a rental, and in all three cases the tenant pays the water. 

I will be in Seattle in the last three weeks of August.

Sounds like you already know what you have to do to make that deal work, because when it comes to bank financing the rule is the least information given the better, the partner with the low fico could change your tier really quick In reference to given the buyer the down payment money for the transaction I would put it in a shared account with multiple signers required..just keep it simple and to the point with the bankGood luck

Can anyone tell me what goes on the last three lines in this agreement "Bird Dog AgreementThis Agreement is made effective as of ____________, 20__, by and between ____________________________(“hereinafter “Buyer” or “Seller” [circle one]), of______________________________________, and__________________________, of______________________________________." 

As an example, the investor receives:100% of the cash flow until reaching an 8% return (called a "preferred return"), then70% of the cash flow until reaching a 12% return, then60% of the cash flow until reaching a 15% return, then50% of the cash flow thereafterThe split percentages and return hurdles can be slid around and hurdle tiers can be deleted to achieve the desired result.

I don't know how a new person can buy a rental house in the bay area because of the sharp run up of prices there the last three years.

Jayden, one of the BP podcast mentioned getting 4 units or less, living in one and renting out the other three.

I've got a house with fiber board siding that is rotting on three sides of the house. 

That way whenever he finds a good deal that he needs to close asap on he will have the funds available with waiting two, three weeks to close and potentially losing the deal

If you're not "married" to your local market here in the Inland Empire then your thought of investing in the Midwest is likely a prudent one.For $90,000 to $130,000 you can get a three bedroom home in a great neighborhood that generates double-digit cash on cash returns.When you live in an expensive market where the rents are relatively low to the purchase price, it is difficult to get attractive rates of return.