An image jumped into my head of 'For Rent' signs down the whole street and I knew that wasn't something I wanted to compete with.I prefer to buy in established neighborhoods where the majority of people own their houses.

With no money to bring it current, I don't see any other good choice.

Thanks for the advice Jon...as for the photo, I prefer to remain private, since this site could be viewed by tenants (hope everyone understands).

But i wasn't interested in that deal.Although seller financing sounds good to me as well, I just didn't prefer the terms he gave, I supposed he'd be willing to negotiate but that's something I'd have to find out further.

deliver it in person, take a picture of the clock on your car clock and the front fo the house before you do it,,if possible take an audio recording of giving it to them,,,make sure the person is 18, and its better to give it to one of the tenant on the lease (at least that what I prefer doing)some people will never pick up the mail if something is certified

I have seen some instances though where if you belong to a credit union or the area is more suburban to rural the big lenders won't lend there.In those cases the local banks who understand the small market and will take the risk are the best choice.

make sure your screen your tenant of choice, every expectation include it in your lease and do some research in your area.

I much prefer investors to lenders...

Thank you for your response Travis.We would prefer to not get a completely new loan on the $15,000 balance as That would show as another recent loan taken out and hurt our credit scores, etc.

For me the choice of getting an LLC was for 2 reasons...1) you do not have to fill out a Form 593-E, Real Estate Withholding – Computation of Estimated Gain or Lossat closing time.