If you pick up trash and sweep that means you're not paying a more skilled person to do so and that allows them to be better utilized or go home and be off the payroll.I agree that if you are not skilled (or young enough to begin acquiring skills) to stay out of the way.

Pat L. brought that up in his post.Loans are much better utilized in a C-corporation.

Utilities are said to be 400/mo paid by landlord, taxes 1300, insurance 500. both sides 3 bdrms and one bath.

I had a guy bail & leave the wife & disabled child without any financial help.We gave them the month to leave as the home was too big & utilities too high for her to manage.

Here are the numbers:20K in repairsTaxes are $2400INS is $2000Separate utilities except for water and trash: ~$100/month Will manage myself.Finance is 20% down at 4.75%, 15 years.Thinking to submit an offer for 85K.

Contract states that due diligence does not begin until I have given my written notification that I have received all requested documents.During due diligence I request the following documentation:P&L Statements.Seller's Tax Returns and Bank DepositsLease agreements and rental receiptsCopy of current management contract and payroll registerCopy of insurance policyCopies of service and advertisement contracts (Trash, Water, Util, etc)Confirm any existing liens.WHAT IS THE BEST WAY TO GET TAX RATES, SINCE THEY MAY CHANGE AFTER THE SALE?

We are in the beginning stages and wanted to utilize our first home as a learning experience.

Establish a policy and follow it.There are responsible pet owners with great pets that do not cause all of the problems I mention above, but the renter pool seems to have more of the irresponsible type.

But mostly want to learn and become more proficient in investing to establish long term success.

After those calculations I am at 73.3%.From that number I will subtract $2,000 (unless I can estimate better) for taxes, insurance and utilities for 6 months.