Talk about potential clogs and garbage disposal misuse, stating when tenants are responsible.

More details:Mortgage (principal + interest): $2930/moProperty taxes: $15K/yearHome insurance: ~$1K/yrCost of home ownership/month: $4280/yr (not counting for any tax deductions related to the interest and property tax)If I account for $20K of interest and $10K of property taxes as an income deduction, then I can reduce the cost by ($30K x 35%) divided by 12 = $875 per month = $3400/mo cost of owning the houseRental income after 35% federal income tax + 9.3% state income tax = $2618/month (!!)

Being a first time homeowner, there should be great programs in your state and with FHA and NACA.

@Ayyoub Reza   There are a number of places to get agreements but make sure you get one that is current and state specific (here, legal zoom, a lawyer, real estate association ) Read your HOA bylaws what does it require to be included.

Have you thought about out of state investing?

NC is an attorney state, so all real estate closings happen with an attorney.

I’m out of state, and would prefer a local agent especially for leasing.

I'm states where e&o is required, it may actually then end up disqualifying you from having a license then.

It's full of practical advice on how to manage an investment, and it includes summaries of your specific state laws, and it tells you exactly where to go to read the law for yourself.Devour the book.

Depending on what state, it can even be triple-tax free.