I see that nobody had answered you post, so here goes.I wouldn't use "someone elses" contract, simply because each deal is unique.

The problem with this particular guru's recommendation is the presumption that money, track record and knowledge account for little; that anyone can use this "unique" system.

The odds of someone repaying a loan over 15 or 30 years to me are slim.

Any unique rental laws a landlord should know?

Ok, I have a unique on that I feel trumps them all as of yet;Power maniac nazi cities who confiscate rental property (yes, that is correct, confiscate, as in take it from you without paying for it) for the actions made by the tenants, regardless if there inherited tenants contractually forced upon you by the same city, who refused you evicting them FOR THE SAME REASONS!

I wish I could better verbalize what is going on in North Dakota because it is unique.

Areas are not war zones, they are a mix of rentals and owner occupied.Financing is typically a 5 year ARM which is a risk, but i do 20-25% down and average a 20 yr repayment schedule focusing on smaller mortgage balances first.Property management companies in my area quote about 10% for management plus 50% one month's rent for placement.

Even if the property never appreciates, you will have your million dollars.The key to sleeping well while you are in debt is knowing that you can repay the debt.

If it's real estate, get the business degree, because it will repay itself 10 fold.

This is a unique business in that you actually get to choose who you are doing business with!