Especially the pros and cons of the automatic 5 year rate reset, that scared me.

Also, I forgot to add that the loan being offered has a reset clause where at the end of the 5 years the loan automatically recalculate the mortgage at the then-current interest rate

I try to work in an automatic extension of the lease though.

@Nick Klomstad - I definitely am going to throw some formulas into excel just to speed things up once the time comes a little closer.

I bought new construction last decade.. and for those I was able to self manage or should I say my secretary at the time took care of themwe would have a real estate broker place the tenant for a commish.. then we had a very good handy man on speed dial.being new construction these were A class with A class tenants.. so managing them was not that tough.. and the houses being new at least for the first 10 years we had them were just normal turn over costs at move out.I had one tenant stay the entire time I owned it.. that was nice.. 

It also automatically charges a late fee if they try to pay after the 3rd of each month.

Sellers automatically assume that you know more about the property than they do, so therefore it must be worth more than the price you are offering.

I might make an exception if there is a a good explanation or if they have guaranteed income (section 8 etc), no evictions for last seven years.

I have no capital since the purchase of my home, but i want to speed things up.I’m planning to do a HELOC on my property sometime early quarter next year, so i can rehab my parents house.What do you guys think of this?

Worry about step one first ,,not step seven