@Dakoda SpencerZillow shows tax information but you will also want to verify it on the town website because there may also be an additional town or school tax.I would probably pay cash for the property if rent is going to be so low because you will need some money to cover ongoing expenses.

From the sounds of it, everything was pretty smooth sailing throughout the whole process for your first project, that's great! 

Over the long haul, I like to look at using IRR and time value of money, which includes the whole process of buying, income/expenses and selling the asset.

I would recommend reading the blogs, scanning the forums and attend your local REIA to learn about the processes and the players in your market.

Im also in the process of becoming an agent myself so I may also be able to help you directly in the near future.

She did a great job at showing me my options and guiding me through the HUD/rehab process. 

It's often simplest for a bank to go through the foreclosure process to clear title, particularly if there are junior liens.Look at the abstract and if you think it's something different let us know.

My Broker and I are going to host a FREE in-person class for investors who want to learn about the REO process and how you can buy exclusive off market deals!

The bank fees for a purchase transaction are 1% of the loan amount (1.5% if it is a cash out that is owned greater than 6 months) plus $695 in processing/underwriting fees.The interest rates for a non-recourse loan are as follows:-4.875% for a 5/1 ARM amortized over 20-25 years-5.375% for a 10/1 ARM amortized over 20-25 years-5.0% for a 10 year fixed loan that is amortized over a 10 year period-5.375% for a 15 year fixed loan that is amortized over a 15 year period-5.75% for a 20 year fixed loan that is amortized over a 20 year period-Special quotes may be given for multi-family property 3+ units, rural property, and high rise condominium units

If you just simply allow tenants to walk into a bank and deposit any amount (on any date) they choose it could delay the eviction process.