The reality of my situation was, the guy I bought the property from owned it free & clear, and was happy to collect the rent most of the time as long as he didnt have to do too many repairs..

Put yourself out there saying that you are a new investor wanting to meet others so collectively you can move to the next level.

Get management in place and sit back and collect your checks.

Turn over the judgment to a collection agency and let them collect for you.Joe Gore

You should have answered many of these questions you are asking before you start collecting leads.

You don't want the old owner collecting the rents.

But I just want to collect checks.

To name a few:Seller can get a higher price for their property.May not need the cash and can collect a higher return then if the cash sat in the bank. (6-8%)Faster closingTax benefits.

It was a good purchase though and things are going very well so far.I'm psyched to continue my adventure in real estate and would like to start buying/selling vacant land.

The seller won't provide bank statements or tax returns and I am unsure to whether rent was actually collected since it was an inherited property.My offer was accepted with no earnest money so should I cancel the contract before wasting money on an inspection?