Hi Friends-I'm searching for a lawyer with knowledge of real estate to guide us through our first few houses for guidance to ensure we are covering ourselves well for any liabilities. (1 SFH rental and an airbnb garage apartment in our primary home).

As far as cash on cash ROI, everyone has their own goals and criteria but personally, I think and 8% return and $100/mth rent cash flow is fairly anemic, however, our markets are Indianapolis and Kansas City which are high cash flow markets.

@Andrew Erdrich I do a fair amount of mixed use in Kansas City.

Are you using an agent with a real contract to ensure you're protected and have a safe exit clause? 

I'm in CA - what do you think a remodel would cost if you were going to go through a fairly extensive remodel -- kitchen/bath/blow out a wall?

@Corey WoodmanI read your nicely written post all the way to the end.I am also fairly new to real estate and have done few deals since last year. 

I am fairly certain that it is buyer beware (Although I don't know California).

That's not to say you don't have to work hard with a fairly steep learning curve, but the risk of lawsuit goes down significantly (especially if you also communicate well and follow through on your promises).As far as taxes go, I would recommend you check with a CPA; however, I've found that the additional write-offs, etc have helped me on an annual basis overall. 

I'm in the process of getting clarity from them on two points, which I'd love to have input from the BP crew as to if they are looking at things appropriately/fairly:1) Rental Income: I believe I'm getting 75% credit for rental income from 3 properties seasoned 4+ years. 

If they are VERY professional, they will have their processes in writing as verification that it is enforced equally and fairly by their entire staff. 6.