In Wisconsin, if there is no written lease, the statutes rule the rental world, and they cover quite a bit of standard stuff.

i'd stay away unless you were getting a steal and therefore, could justify the risk of having to demo floors and concrete.

Looking at some of the other people posting from large metro areas, I see now why the 2% rule is so tough in Omaha... our rents are crazy cheap as housing is so affordable.

I don't think you assume any liability for having alchohol in the house, but they can still get in trouble for it - depending on the rules.

The general rules of endorsing note are function of UCC regulation see § 1303.25.

and hear their answer or what documents should I ask for in order too see proof.2) I'm not sure if this rule applies only to flipping, however do you always use the 65% rule?

Using the 50% rule, your net operating income (NOI) for the year will be 43980/2 = $21990.

From the conservative 2%/50% rule, in comparison, you'd be getting 1.5%, and half of your income ($575/mnth) is going to repairs averaged over time.

So far, this is what I know, but I'm looking to fill in the gaps:Form LLC (rule of thumb may be 1 per property or $300K)Transfer dead to LLCCreate a business checking account for itKeep a good divide between personal finances and LLC financesTo get money out of your investment, pay yourself a regular salary.

The seller had cut off 10 acres and built a home (my home now, under separate mortgage), and the 10 acre plot was grandfathered in when the county zoning changed the rule that you had to have at least 20 acres to build a house.So the 150 remaining acres is all one piece, not subdivided in any way.I will get an attorney involved so I do this right.