Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

In other words, if the second mortgage holder is also notified and he redeems before I have a chance to is the property his free and clear and do I totally lose out?

@rick stein I think that’ll be my best bet if I want to try and make some cash for setting a deal up!

I did a 1031 exchange to purchase 2 properties totaling $260k.

., and is over 2000 square feet (per unit -- the house is 4000+ total).

@Aaron Klatt I am totally aware.

The first thing I look for is the 1% rule: Does a month’s total rent equal 1% of the purchase price.

Or a FHA 203K loan and wrap your rehab costs into the original loan, still at 3.5% down of total money borrowed.

Totally serious here.

I nicely state, there's late fees associated with you late rent payment and I'll be sending you an invoice for this.So I send the Late Rent Invoice, basically $50 late fee on top of the $1450 rent due (making it a $1500 total).