With this being my first time, I wanted to make sure I did everything correctly, from where to get the right contracts, down to how to locate the right Title company to handle the paperwork.

I would also keep at least a 100k HELOC on the primary residence if it can be afford and invest the funds in notes or such.Each property in an LLC will require no other paperwork than an annual report.

We think property management is an essential part of great customer service and it has paid off for us.

They essentially fronted money (in second position!)

You need a good secutities attorney as the paperwork required is significant.

I charge a much higher lease9. if I really want the house sold I give credits for the down payment, if I don't want the house sold I give credits for the price of the house10. for owner benefit have the term be 1 year, for tenant benefit have the term be 2-3 years11. at expiration of the option if tenant has no gotten a conventional loan or hit the lottery [ megabucks in Las Vegas ] he is vacated, 12. rinse repeat, until a tenant actually purchases13. [ lucky 13 ] pay taxes on the option down payment, and keep what's left overGeneral Housekeeping- have an escrow company hold all payments until all contracts are signed by both home owner and tenant- all payments are collected by 3rd party company, owner's bank get its payment, I get my cut- I take out title insuranceAssignment- once all paperwork is signed and money is rolling in and tenant is paying, sell the entire deal to investor, as cash flow, for an assignment feeDid I leave out anything?

Some more than others, but we all essentially said the same thing.

,The problem here is she is essentially claiming the income not on the Schedule C where it should be if she wants to take those expenses there.Raquel Baranow,Either you are running a business or you are not.

When I spoke with some property managers, they said it would rent for around $650-750/month.It is on the market though for $65,000 and the agents we interviewed all said they thought it would sell for arounf $59-64K.I've essentially got 33% "down" in it already because that's my inheritance.

In addition to the regular late fee, you'll get hit with some kind of processing/paperwork fee and "legal" fees.