This is to cover common areas)Utility ExpenseElectricity Water GasSewerTotal Utility Expense = 3.1%SuppliesApartment cleaningCarpet cleaningExterminationGroundsPaintingPlumbingOther Maint/RepairsGarbage /Trash RemovalHeating and Cooling RepairsTotal Operating & Maint exp = 16.6%Real Estate TaxProperty and liability insuranceTotal Taxes = 8 .1%Net = 57.9%

There are three (3) scenarios possible here, and the answer varies slightly for each.Rental Property to Primary ResidenceAn investor acquires rental property and rents it out for any length of time (it was not acquired as part of a 1031 exchange).

If vinyl is not prevalent in the area then I would find out what is the common siding.

your objectives or goals to maximize subprime financing should be to maybe hold the property for 1 - 2 years, (You may have to eat a 1 o 2 year prepay but it will lower the rate from a loan with a zero prepay,)while you build your credit back to an a-rating, then refi your cash out for more investment projects. theirs tons of new products, on the market that fit your particular scenario, such as the option arms, option arms give you the luxury of choosing/paying your mortgage 4 different ways each month.. 30yr P&I, 15yr P&I, Interest only, or whats called Neg am(Negative-ammoritization)the neg am, could allow you to get into a million dollar home for like $3k a month, they have 1% start rates.. these loans are really good for short term properties, like a year or 2.. especially if the property is in a desirable market..

Send me your scenario and where you think your credit score lies.

These questions probably are general knowledge and common sense, but I wanted to make sure before moving in.

Here is a short list of real estate terms to get you going.http://www.find1home.com/glossary.phpThere are more that are specific to investment but these are the most commonly used phrases and terms in RE.

Dextera3, to answer your question-Keeping your personal assets protected from claims of other people can depend on how you hold title to your personal residence (joint tenancy, tenants in common, etc.)

Only time will tell whether it was wise to purchase a Condotel Suite for this kind of entry level price, however simple mathmatics and common sense dictates in the positive with increased optimism about profits from condotel operations -- where buyers rent their units for a share of the rental revenue.

That type is the most common and protects the seller and the sellers realtor in marketing a home.