;) Anyway, was looking at going to college at Texas A&M so naturally I looked into real estate in the area.

@Brant Richardson  this was true in some markets.. but not all... ask anyone who bought a 4 plex in Phoenix in 04 for 350k and they were worth 60k in 2009 and all vacant and almost all investors who bought those lost them.Ask many who had rentals in Vegas... lots of carnage there. .there were issue in every market... and of course many of those were over leveraged and did not have adequate reserves and walked..

The two of you can join as natural persons or create a company and hold title.

Tenant shall be responsible fordisposing of items of such size, nature, and/or volume as are not normally acceptable by the trash/garbage hauler.

Fannie and Freddie consider six months PITIA (A= anything else, such as HOA) per property to be adequate.

Errors and Omissions insurance is a liability insurance policy, usually for professionals, that covers the harms done if they fail to properly execute their professional obligations.There's often a risk analysis process that goes into writing that coverage that includes a contract review, just to make sure that the PM (or other professional) is adequately protected from assuming liability.

Since the nature of what we do as rehabbers is to keep the costs of our projects as low as possible, we really don't leave a lot of 'meat on the bone' (profit) for them.

I've chosen Florida because it's a natural hub with an agreeable climate.

I have been focused on duplexes, as every triplex I have seen cannot support the utility costs during the winter that the owner pays (one natural gas boiler with water baseboards throughout the property is very popular in my area).

I would request the tenant's entire file which would include application, credit/background info, copies of identification and security deposit information.I believe security deposit will be transferred/credited to you upon closing, but you can get clarification from your closing agent/attorney.Once you close on the property, send the tenants a letter introducing yourself/your company as the new owner/manager with contact information, how/who to contact for maintenance request, how to pay rent and what will take place within the next few weeks regarding setting appointments for walk thru inspection to assess for repairs/upgrades and meet the tenants, signing new leases, requesting updated documentation (proof of income/identification ) and things of that nature