Otherwise, if you take the whole expense, anything else that comes up might be seen by the tenant as "that's the landlord's problem, I'm not worried about it if it gets worse."

I've recently gained an interest in doing an owner occupy with a duplex/triplex/quad to help pay for mortgage and learn to be a landlord in the process without overwhelming myself.I've found out about BiggerPockets.com through google and it seems to be a great place to learn and communicate with other real estate investors both new and experienced.

That is probably in the range of what landlords will pay for SFHs but could be more or less depending on your market.Look for comparables.

For instance you purchased a home cash, have no wages, no other income properties, or sources of income, and no experience as a landlord (some banks require you have two years of managing property, not us).what would be required:- signed and dated lease agreement for atleast 1 year- copy of security deposit- evidence of deposit of the security deposit into your account (bank stmt print out)Formula to use:75% of gross monthly - PITIA (Principal/Interest/Taxes/Insurance/Assessments)Assuming you have $0 other debt/obligations like you've mentioned you could technically cash out up to the point in which your income using the above formula breaks even/reaches $0.75% X Gross Monthly Rent(GMR) - PITIA = $0 or GMR = PITIA/.75Pro's of cash out refinance:If you cash out you could have your dollars working in two places at once.

If built in 1958 it is likely lead free, at least on the inside.Many landlords will get the XRF test and if any lead is found, they remove it to make it lead free.

I'm loving learning as much as I can about real estate investing.My hubby and I purchased our first USA investment property on a visit to Nashville in USA and became a landlord from across the pond.

With later move ins we verify criminal but not rental history, so he could easily be trying to move in people that he knows would not pass your standards.It is either a misunderstanding or he is hoping you are a landlord that will be content to accept rent and not enforce the agreement.

Hey Biggerpockets Quick question.Does anyone know any good landlord tenant document packages that can be purchased online?

They're not all on the MLS either...I found my first two deals by networking and I met a landlord with tons of properties that was selling off most of them.

(Illinois is not a landlord-friendly state.)