The layout is terrific and it has been a great income producer over the years.

This time next year we would have a minimum of $74,000 to work with to buy our first income producing property.All that being said, we have lived in our current home for only 2 years and I was told that you need to live in it for 3 to avoid capital gains unless you are doing a 1031.

It's making sure that the contract itself is airtight, contains the right contingencies to protect your liability as well as the other parties liability, contains procedures on what to do if one party breaks the contract, etc....  

How long is the eviction procedure in your location? 

I would say that from my perspective as not only an investor that owns properties but an owner of a property management company. the one thing that you need to realize is landlords are the highest sued in real estate as  a matter of fact 1 out of 3 landlords are in some form of lawsuit or litigation every year for violating laws such as (IRS, Discrimination, Fair Housing, Fair credit reporting act, property code ) all governing bodies that protect and regulate rights for both tenants and owners.As owner of a rental property you are running a business, and need to have policies, procedures and structure.

Which generally means not letting things slide, having policies and procedures and enforcing them consistently across tenants.For example, if rent is due on the 1st, then late fee notice goes out on the 6th (assuming that's what you have in your leases, a 5 day grace period), then if still not received, 5-day demand letter goes out on the 17th.

Contractors in this state if they know what they are doing have from what I see around the country the best ability to get paid.. unlike other states were the liens just go on record in time.. and can be wiped out by foreclosure sales etc.Then if a contractor in Oregon messed up on the lien procedures they can then sue for unjust enrichment..  

A property in Cleveland that one can buy for $500 doesn't come with a cost of anywhere near $500 to get it to a point where it is habitable and able to produce rental income.

Pit bulls were created by breeding bulldogs and terriers together to produce a dog that combined was used in blood sports.  

Second, I like David but he's not as entertaining as Josh was.BP Business Podcast will be right up my alley if they produce the same level of value as the standard podcast does for a new(er) investor.