So, to be honest, I'm not completely sure how many mortgages are on the property, if the home equity loan was paid, or if it was a second note, etc.   

@Bhavna Chopra Honestly with a budget like 500k you should buy a small apartment building 20+ units out of state somewhere or invest in 10 50k properties that would together generate a large monthly cash flow that you can use later on the fund more deals.

The reason is that sometimes the two viewpoints are conflicting, and you need to weigh the merits of both in making decisions.

Honestly I have found that tenants try the "offensive to be defensive" move.

I'm asking because too many clauses could scare away potential sellers, but if the inspection clause is not sufficient and I don't have a title contingency clause, the only options are to buy the property myself or lie, but I'm an honest guy.

Honestly your interest rate is too low for family friends.

Honestly not fixing appliances even if the lease says as is is hard to do without causing issues.

If they pass they pass.And to be honest, fake ID doesn't guarantee a bad tenant. 

Honestly I'm too new to the investment game to really have a full strategy laid out (still reading, learning and formulating), but I will likely be looking at rental properties outside the city to get started (unless of course I come across a great sponsor unit in a new condo conversion!).

Giving you a  honest opinion, along with feed back.This sat get out their and go look at houses.