Hey all,To protect yourself against lawsuits, do you follow any special rules or keep anything in mind when you are advertising your property, communicating with applicants and reviewing applications?

In any event, the real answer --- as you know --- is to talk to a CPA or other qualified tax professionals. 

I will start my HELOC applications tomorrow.Thanks

@Josh StackI would just mail them a very professional looking letter letting them know you are interested in purchasing their portfolio.

Let me know if you'd like a copy.Regarding background checks it has been a while since I managed my property in Texas but at a minimum have any prospective tenant fill out a thorough application.

For many apartments, they’d have to fill out applications on the spot and cross their fingers.Those days are over.

Be prepared to not get paid much for a couple months while you get things going, and then be prepared for the market to change and give you a dry spell.Some common expectations with having a RE license is that you'll work in a professional industry full of professional people that treat this like a business and treat colleagues as such; However that's not really how it goes.  

I recently listed my first rental in Pittsburgh, PA (Allegheny County) and got my first batch of applicants.

This property we were targeting a couple, retiree, single business professional.

I deal with the tenants-- take phone calls, screen applicants, show apartments, collect rent, deal with maintenance issues (scheduling and hiring), find properties, market properties, plan renovations, buy renovation materials, assist with renovations and do bookkeeping for rent collections.