We then need about $30,000 to cover the hard money loan and the closing costs.

I was primarily interested in pooling resources with other rental property owners to take advantage of economies of scale and divide the cost proportionately among property owners. 

They don't cost much and give you protection.

how are you getting an accurate representation to the costs to repair the property?

The contractor I hired to paint interior of home has left it incomplete. He also removed a whole house alarm system without telling me. He explained he had to in order to paint the home properly. He does not plan to r...

I highly recommend that you utilize a low down payment loan (preferrably 5% down since it has less closing costs, you can get out of mortgage insurance once you hit 20%, and you save your FHA for another purchase) and move into a 3-4 unit property.

She put minimal down and utilized some state assistance to offset closing costs.

"I pay in cash, no closing cost, no matter the condition BUY I will make you an offer blow market value as a trade off.Not everyone will accept this, but those that do are extremely motivated!

After selling the property, I determined that I didn't purchase it for low enough in price.

When he does move I am sure you will have some yard work etc to deal with but if he stays a long time then its the cost of doing business I guess.