(although we learned a lot in the process)Not taking a time off work to help my wife get the rental ready the day the tenant moved out.Not addressing tenant issues head-on but looking the other way.Not installing a water detector alarm to a known common problem.Including details of tenant responsibilities without an upfront process detailing what happens if they are not followed.Not getting involved with BP and REIA until late this year.(2014 will be much better!)

I don't know about experts Bill ;-)I'm still not getting my head around this from Zac's lenders perspective ... not certain I'd want to take on 100% (purchase plus rehab) of the risk for 10-12% interest return.Partnering with an eventual earn/buy out maybe ...

Thank you all for the correction, somewhere in the back of my head I knew it was 25%, not sure why I was running the numbers at 10%.Taking that into account, adding a buffer for utility and lawn care during vacancy and adjusting upwards for PM vacancy costs per Harry M's suggestion, here are the new numbers: Purchase Price: 81500 Rental Income: 1300 - Current.

Sounds like you have a pretty good idea where you are heading.

On course on glide path, heading to success

I spent a few years on the West side of MI in Kalamazoo and have also been to Grand Rapids a few times.

Unfortunately, it's a good hedge against inflation or a housing market bubble burst to have a house that is very rentable and a low interest 15 or 30 year loan in place, and enough cash flow to keep your head above water.

For permits you can fill out this form:http://www.sandiego.gov/development-services/industry/buildrecords.shtmlor for quicker response i would just head over to the development services office on 1st Ave and try talking to someone on 2nd floor where they have building records.

I am however a Real Estate agent so I have some knowledge about Real Estate in general but I am rapidly learning more about Real Estate Investing and want to stand on my investments to provide for me.

Those moments have been priceless learning experiences.Though I haven't done it yet, I think getting your feet wet will ultimately allow you to test your knowledge and rapidly build on what you know.