The scenario becomes much stronger if you can collect your full rent as listed above.

I know a real estate developer and a Vice President of a Property Management company so I think I have a pretty good head start with people who can help me with the tons of things I don't know.Anyway that's me, I look forward to learning from the collective wisdom of the BP Community

basically, the seller writes us a check at closing for that amount.Here's what I totally dislike about this notion: after 2 years, we are still going to have those expenses (hell, they'll almost certainly be higher by then), and we'll have a few more decades of debt service to pay on the property.I'd like to call upon the collective wisdom of the BP community to ask: given the situation, would you walk away?

In many cases, the DIY type note amongst family will have a hard time being used as collateral since from time to time, they are not conventionally underwritten, do not use conventional agreements and the file itself can have defects that impede or prevent enforcement and collection if challenged.

I would totally agree Mr Turner training videos." electric, heating, water and trash "Consider :~~~~~~~~~~~~~~~~~~~~~~~~~property insurancetaxesoutstanding work need on propertycurrent rent versus market rentExamples :~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~property collects $987 per month in rent50% rule -> 987 times .50 equals $493.50 < - tenants pays unties60% -> 987 times .40 equals $394.80 <- owner pays utilities$493.50 minus mortgage / etc equal you Net operating income / mth$394.80 minus mortgage / etc equal you Net operating income / mth2% rule3000 monthly rent divide $89000 purchase price equals 3.4%Good luck

How do I deal with things like late fee policies, collecting rent, etc when they've already signed a previous agreement?

There is another twist, she is collecting the $3,900 a month, so if I come in here and mess up her cash flow, she is not going to be a happy camper.

I'm assuming even if you find who did it, they won't have money to collect damages.

I would be careful using it as a weekly rental unless it's someone you trust because you could be stuck having to take someone to court and not being able to collect rent for a couple months depending on what the laws are there.

It's rented now and we just collected our first rent check.