My agent also said they are only willing to take off $500 for the damages which wont even cover the materials for the flooring.

@Ryan Moore,Ok, those reserve are not required to sit in your LLc account without earning anything.The whole reason we have reserve is to cover unexpected expense.

Originally posted by @Virs Esar:For sheriff foreclosures, try epreforeclosure dot com.I don't think @Dan Gabrielli covers Sheriff sales, just D-T (deed of trust) foreclosures through the special proceedings office.

However, it seems as though the $500 isn’t going to cover all those expenses.

Also, you have to know how to screen very well and handle a lot of turmoil at times.

Like pulling clothes out dressers and putting clothes all on bed, covering dishes, cleaning out cabinets completely.   

Landlords will need to raise rents at least $15-$20 per month per property to cover the $20 annual fee and $150 inspection fee.

As we celebrated the birth of our first born, and I worked from home, the walls closed in – so we went in search of a larger home and decided to rent it (we got just enough to cover the mortgage, but the taxes went up and before long, the difference was $100+/-month) …..and we took the first tenants who showed interest with $ in hand….which, unfortunately, were college students (The largest school in the nation , UCF, is 10 min away).

Make your life simple, pass on this applicant and find one that will actually pass screening.

I've not yet done the math to determine which strategy would save me more money, but the big cons of this areNo primary residence, therefore slightly higher interest rates, 20 - 25% down (but depending on the market, this may very well be equivalent to 3.5 - 5% down in LA).Depends on the quality of tenant screening, but it's probably safer to assume that they won't take as great care of the property as I would.Probably need a property manager, professional or tenant.Either strategy seems to net me the same cost around $1,500 monthly, but I'm biased towards Los Angeles as I can rent to friends which solves a lot of the tenant/landlord issues.I'm not looking for anyone to give me all the answers but would appreciate any insight, food for thought, and constructive criticism.