I did make assumptions on insurance but I feel that $800/year is very low and that you would have 5% of rent in lawn care, professional fees for tax software and other, and a small budget for small repairs. 10% for property management is the norm until you are managing 5+ properties then you can start to get some breaks.I hope that you are able to make this work for you but it will be tight even with your 30% down payment which is a lot of cash to tie up.

Depending on where this is, you could be dealing with "professional" renters. 

When asked, she said she didn’t think it would make much of a difference and would likely cost us more in professional fees for her to use that election.  

BiggerPockets has a wealth of information at your disposal, so be a sponge and soak it up.Second, I would consider joining a real estate investment club in your area so you can network with other investors and real estate professionals local to you. 

This is my go-to for these types of agreements:John FigolRoss ∙ Rumbell Professional Corporation8 King Street East Suite 300Toronto Ontario M5C 1B5www.rossrumbell.com

i have some challenges you didn't...The mold test my tenant had professionally done in March showed moderate levels downstairs and high levels upstairs.

Does anyone know of any professional home inspectors in the HSV Al area? 

LLP is mostly used by professional organizations that not allowed to form an LLC.From a tax perspective - there is no tax savings based on what state you will form and create the LLC. 

Very professional.

I see all that’s going on with their downtown and the money being poured into it, to me being in construction I know to follow construction,they have professionals with a lot of plans for the future.