@Stephen E.  

I have heard if you set it up properly you can get in properties with little to no money down. 

Remember that we now meet in the Community Room at the ISU Credit Union located at 2255 E.

Originally posted by @Bob E.

You need to take a proper application and do a background check.

I am not sure of your DTI ratio's, but you will be required to count the full payment towards your DTI until you have 2 years of landlording experience (reporting on schedule E of tax returns), which could make it hard to continue the process right away without flipping a couple or being patient and getting to the 2 year mark!

Your home office expenses will be reported on Schedule E. 

So what is the proper way to transistion from one tenant to another in a years lease?

. * And not doing the proper research about the market you are buying in.

Then make sure it is properly served (i.e. personal service, substituted service on another person, or "nailing and mailing").Then wait the 3 days to see if the tenant pays.