Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Here are a few recommendations for you:Find and connect with other BP members that are in your area http://www.biggerpockets.com/meetRead Beginner’s Guide http://www.biggerpockets.com/real-estate-investing and check out BP Podcast.

I am meeting with the listing agent soon but wanted to see if you guys can guide me to some questions I should ask or things I should look in to.The only reason I am considering this is because the selling price is well below the average price for duplexes in this area.

Now, should this (or any other) deal come to fruition, we would like to obtain professional help in guiding and closing the transaction as we have always used the conventional process (MLS, Realtor, Title agency) in the past.

Be sure to read through The Ultimate Beginner's Guide to Real Estate Investingto help you get started.Also - here's a couple articles you might enjoy:The 21 Best Real Estate Investing Books Ever How to Rent Your House: The Definitive Step by Step GuideHow to Be a Landlord: Ten Tips for SuccessFinally -be sure to setup some keyword alerts - especially for "Fort Lauderdale" so you can jump into local conversations.See you around the forums! 

Learn how to use BiggerPockets to grow your business by reading this quick guide: http://www.biggerpockets.com/bizSee you around!

So if you buy a 100K home and you put down 20K you'll have a mortgage of 80K @ 5% for this example your payment would be $429 and say the rent is $600 you can use 75% of that which is $450.If you make 2K a month here is the DTI breakdown which should be your biggest concern with what you're trying to do.  2K + $450= $2,450 of incomeDebt: 429 + ( New home payment ( $750) ) = $1,179.00  New home would be the primary residence that you talked about buying.Assuming you have no car payments or c.c. payments or personal loans your debt to income ratio would be 48.1% which is acceptable under FHA guides ( up to 54.9% ) but pretty high for conventional ( 43 and under is pretty secure but I've seen up 49% with major reserves)  You would also need 429 x 6 = $2,574.00 in reserves for your Investment Property6 months of reserves = $2,574.00Total income $2,000 base + $450 ( 75% of 600 )Liabilities = $1,179.00I know sometime I'm all over the place but plug in your real numbers with these and add taxes, insurance and credit cards, car payments and any personal loans and try to keep your total DTI under 43%For taxes do 1.25% x the sales price and .3% x the sales price for Home Owners Insurance. 

Does it guide the tenant as to which things they can and can not do?

Time to build the legacy and foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.