Obviously I'm going to run this business ethically and will not be doing anything illegal but I don't want to leave any loopholes for anyone (attorney or otherwise) to take advantage of.

My husband and I are in the learning process and I am usually very good about timing.I will leave with one more side note: Because of one of the whole sale podcasts, I was able to grasp a little more knowledge from WHERE to get my leads!

Based on your numbers, your looking to purchase at near 18% cap rate, which would be a heck of a deal.Assuming you take a 75% LTV and borrow $285K, your monthly payments would be right at $2500/mo, leaving you about $3180 cash flow per month.

As per the rental agreement, I collected $50 per unauthorized occupant and they had to leave.

You buy it and the tenants want a lower rate or they will leave.

You need a good CPA because the tax man comes with his hand out, your goal is to get him to leave with as little of your money as possible.

Yes it can signal criminals to a vacant home but alot of my applicants come from driving by seeing the sign or someone they know seeing the signI personally leave a light on when I have it vacant.

On Loopnet it's hilarious because the listing agents will post a novel about all this stuff but leave out the rents and unit mix!

They may require more skin in the game and will probably critique any potential deal extra closely but you will probably be able to find one.

His markup shouldn't matter as long as he's pricing it fairly and leaves enough room for your profit to be made after repairs costs are factored in