After a brief back and forth between the seller's and HOA's lawyers, we got a letter stating that we the seller can sell the unit as a rental unit.The exact language states that "the board approves the request of the homeowners to sell the above referenced unit to be used as a rental unit".Now I am not a lawyer, but to me that is clear as mud.Should I expect the HOA to write a letter addressed to us stating that we can rent the unit and when we sell, our buyer can also rent the unit?

This is why I think flipping will provide the money to build the investment portfolioTis is my view, but I am a business owner and my end game in real estate is to be able to go on vacation and not have my income effected.

We always asked for the application to list ten years of previous addresses but when the checks are complete we pretty much know everywhere they have lived since they turned 18.Also, always, talk to the former landlords and ask the applicant to provide proof they actually paid that landlord - cancelled check, money order receipt, cash receipt from the landlord, etc.

I imagine quickly answering a series of prompts (address, offer price, financing, closing date, earnest money, etc etc) then having that information automatically put into the contract including all initials, dates, signatures.

(Everything in RE is not always fun)These are some basic place to start, assessing yourself before you say I'm going to do this or that, you need to know if you're ready to do this or that.If you feel that you are lacking in any of these areas, it doesn't mean you can't work in RE, it means you have more issues to address while learning RE.

I apologize if this topic has been addressed before .Would love suggestions on this topic - my parents are getting to that age where their house (mortgage free) is getting to be too much for them.

Chris Tom Hey Chris, I can give you a number to call offline, Short sale company that works for the Sellers, they'll tell you what to expect if you have the property address and Bank.

I feel it's important to understand how to effectively manage tenants so that I can effectively manage my property managers.I am comfortable with my projections...

Deeds are effective when executed, not filed. :)

Mine is to acquire 5 properties by the end of 2014 and to funnel the cashflow back into the mortgage with the lowest balance until each is paid off.To address your question and your wife's question, read the 3rd post here by @Ned Carey http://www.biggerpockets.com/forums/12/topics/90638-next-stepAs far as the spreadsheet, I'm pretty sure a template doesn't exist.