These are professionals with additional training and a stricter code of ethics.

@Robert, I can give you the name of somebody who goes out and photographs properties for tax sale investors for a minimal fee.

Consider him to be your next/only tenant when screening.It is a major newbie mistake to only consider the qualifications of a existing tenant when taking in a additional person.

I suggest you get an average for the past year, increase the rent by that amount + 10%, and just add it to the rent so you don't have to think about it.Once exception: I put a cap on how much is "included" with the rent.

We also ended up selling it as a for sale by owner with both parties which kept an additional $30k plus in our pockets.Lots of people we talk to think that we we're lucky and maybe we were on a few things like selling without an agent but I still think that you can put in more money to get more money out.

I would imagine he is referring to being all in (purchase + repairs) up to 80% of ARV (in addition, maybe he has a lender who will loan up to 80% LTV).

Now I have taken an addition line out on our house and wondering what is best with using this money for purchasing another property? 

If you can recouped your cost within 2 years with the additional rental income then the expense is justified.  

I got it under contract with minimal negoiations.

Trying to figure out best way to minimize down/payment closing costs.