It's been close to two years that my wife and I have been officially referring to ourselves as "real estate investors".

(B)That the Tenant/Buyer will not use the property for any unlawful purposes; and that the Tenant/Buyer will conform to and obey all laws, ordinances, rules, regulations, requirements and orders of all Federal, State, and local government authorities, agencies, departments, bureaus, boards or officials, respecting the use of the property.

. , and the rest.

If he leaves the keys, he's officially turned it over to you.

I just don't see that happening since he is finding the deal, finding the rest of the financing and doing the work.

If you take $1,600 per month rent less $800 per month expenses( you did not include maintenance or Cap. exp nor vacancies.) you get $800 per month or $9,600 per year.If you pay 20% down and finance the rest at 4% you have interest expense of $8,288 or net income of $1,312 on your investment of $51,800.

The pre-closing check list AKA "Am I still going to buy this"home inspection - MondayPre 1960 home with all kinds of fun potentiallyseptic tank pump - Mondayseptic inspection - MondayFlooring bid - TomorrowInventory building materials to buymore bidshvac - Ducts are good, rest is garbageroofing - metal needs to be reattached, flashing installedelectrical - master panel needs some clean updrywall - I will just screw it upWindow InstallersAnd the big oneHard money / Private money loan - Any suggestions of Central Texas HML'sDid I miss anything on the pre-closing check list?

Those things will come to you further down the road, but if you find properties especially in the beginning with good roofs, foundations, and systems, the rest should be a whole lot easier!

The rest of the "savings" is in the $23/month reduction in monthly Prin+Interest payment.  

Hello All,It's great to hear about all the buzz about Boise and the rest of the Treasure Valley.