We will collect first month and security deposit.

He is a small operation, and is geared towards creatively bringing the most value to spaces that need to be reworked, and I've been impressed with his attention to detail and portfolio of work so far.

After several meetings with potential property managers, I am a bit discouraged to learn of the reality and make some financial calculations.I  have got an idea of the general expenses of a landlord for PM`s help:1 full month rent cost when PM to lease it3-5 weeks to rent a property (1 month's rent lost on vacation)10% of the monthly rent to "manage" it... essentially collect the rentBy these calculations, this means that 3 months have to go by before the property owner ever sees any of the rent.So let's do the math for a 1-year breakdown on an imaginary property that rents for $1000/m and would bring in $400/month in cash flow before property management.Costs:$1000 (no rent while vacant)$1000 (cost to lease)$1200 (10% management fee for 12 months)$3200+ $4,800 (Annual Cash Flow Before PM )- $ 1000 (Lost Rent during Vacantcy)- $2200 (Paid to Property Manager) $1,200 (Actual Annual Cash Flow for Landlord)... and this is true if the Property Manager never does anything except collect the rent!

I'm currently using apartments.com to collect rent and love their service but it don't allow reporting to the credit bureaus. 

If you have any doubts....here's the exact verbiage from Fannie Mae:B3-4.3-15, Borrowed Funds Secured by an Asset IntroductionThis topic contains information on borrowed funds secured by an asset, including:• Borrowed Funds Secured by an Asset• Secured Loans as Debt• Reducing the Asset by the Amount Borrowed• Documentation RequirementsBorrowed Funds Secured by an AssetBorrowed funds secured by an asset are an acceptable source of funds for the down payment, closing costs, and reserves, since borrowed funds secured by an asset represent a return of equity.Assets that may be used to secure funds include automobiles, artwork, collectibles, real estate, or financial assets, such as savings accounts, certificates of deposit, stocks, bonds, and 401(k) accounts.Secured Loans as DebtWhen qualifying the borrower, the lender must consider monthly payments for secured loans as a debt.If a secured loan does not require monthly payments, the lender must calculate an equivalent amount and consider that amount as a recurring debt.When loans are secured by the borrower’s financial assets, monthly payments for the loan do not have to be considered as long-term debt.Reducing the Asset by the Amount BorrowedIf the borrower uses the same financial asset as part of his or her financial reserves, the lender must reduce the value of the asset by the amount of proceeds and related fees for the secured loan.Documentation RequirementsThe lender must document the following:• the terms of the secured loan,• evidence that the party providing the secured loan is not a party to the sale, and• evidence that the funds have been transferred to the borrower

Collect interested prospects via a google form or just by having them call/email you.

The plan is to live in it for a year save money move out and rent the property and rinse and repeat for as long as the bank will let me (I read they will only let you do this for 3 or 4 houses.)My wife is scared of having 3 or 4 loans so she wants to try to pay the first house all the way off then proceed to purchase the second one thereby collecting most of the rent as profit, me on the other hand I want to put just a minimum % down purchase a property save up money for another down then moving to the next property and renting the previous property out and then doing that 2 or 3 more times until we have 3 houses where the mortgage is paid for by the rent each month with a little bit left over to save.

My question would be is there anything negative on the report such as collections or judgements, this is a huge red flag. 

They are responsible for either forcing the contractors back, collecting from the contractor, or paying out of pocket to repair the damages.

Last year NARPM was doing monthly surveys of their members and they found that well over 90% of the mangers said rent collections were very similar to the previous years level.