It sounds like most here agree, that the evolution in securing a good life in REI is to start at the bottom and work your way to option 1 (mailbox money), or am I reading it wrong?

So with prices bottoming I am exited to aquire some more moldy, dank, run down homes for conversion into dry, well repaired rental properties.

Buisness owners can be excluded from comp. in my state, as homeowners can do there own repairs. bottom line: no cert, no work.

As an example, here's the copy from a recent listing of ours (and that is probably about the same as your rehab in terms of condition and rehab work):"GORGEOUS top-to-bottom remodel w/upgrades galore!

Bottom line is you need legal advise before doing anything.

Currently doing corporate rentals with the bottom two.

You need to call your insurance provider.They will tell you a list of what is okay and not.Mine no aggressive breeds of animals is permitted or they will pull the policy on all the buildings.Rottweiler,Pitt Bull,etc.Some insurance policies have weight exclusions but some do not.Another important factor is the BITE HISTORY of the animal.If it's deemed a non-aggressive breed but that little dog has a bad history of biting people then I won't take the animal.I don't like pet deposits.You have to hold it like a security deposit.Instead I like a one time "pet acceptance fee" that is non-refundable.The tenants will say the pet won't do anything etc. but the amount of pet deposits that actually go back to the tenant after they leave I would guess is very,very small.You can also get the tenant to pay a pet fee per month.With the pet fee you need to figure out the cost of the unit for new carpet and damage to the base boards.The cost to be carpet,pad, and labor to install plus baseboard finish and paint.Used to you could put a vapor barrier between the carpet and the pad but it would be really noisy.Now if you spend just a little more you can get a scotch pad made out of rubber that is stain resistant.Then when you go to replace the carpet the pad is still good.Have in your lease that the tenant will be responsible for clipping claws,neutering,getting rabies and other shots to maintain the health and well being of the animal,etc.

Texas hit a relative bottom last year with Gilbert and should be on the track back up.

Rob wasn't joking... the bottom line is that a contract is a contract.

These are just as important as taking steps to reach them.I have my goals printed out and hung on the wall in front of my desk.I've got my one year goal, broken out into what I need to do in 1 month, 3 months, 6 months, and 9 months.This is followed by my 5 year goal and then my 10 year goal.Finally, at the bottom of the page in BIG block letters: TAKE ACTION.I did this at the beginning of the year, when I realized it had been about 3 years since I did my first deal, a buy and hold short term rental.