We realized going in that it wasn't going to be a huge moneymaker, but felt comfortable with the numbers if we renovated and re-positioned it from a rundown rental marketed to college students to an upscale rental marketed to professionals.

Kick back and relax, get 1-2 guys in there and start doing demo and landscape.

I am going to be setting aside a comfortable amount of money into a dedicated bank account for my parents to purchase their "forever" home in Richmond, VA at Christmas this year. 

Go where you feel comfortable.

With each project, I push myself even more outside my comfort zone.

What is the best way to assign a contract and make sure you have exit clauses. Just in case your buyer backs out before closing

If you have 20% down, you could also meet with a local community bank as they are big on long term relationships and will be very comfortable with collateral in their own backyard.I hope this helps from the financing standpoint, feel free to follow up with any additional questions/concerns.Best,Mike

It is important that you gain their trust and respect during this time.THE FOURTH MONTH - THE COMFORT PHASE:The fourth month through the first year is THE COMFORT PHASE: the tenant becomes accustomed to your rules and is starting to feel comfortable.

My parents own a few rental properties, and I definitely would feel comfortable have a couple(or a lot) of my own.

Just be sure you find someone you are comfortable working with and set out all of your agreements in writing in the beginning when everyone is excited.Method 3: Lease/OptionsFind a homeowner willing to sell you the house on a lease option (usually a motivated seller for one reason or another).