For our existing tenants, we offer the same value proposition along with a practice of not raising rent {the sole exception being if we make substantial improvements to the property; in which case both the improvement and resulting rent increase would be discussed with the tenant before starting any work}.

Your next primary sounds even worse from a cash flow perspective, but I understand there's more to life than cash flow.From a net worth (longer term perspective), holding on to your practically free 1st house while you continue to build equity, enjoy a low maintenance rental, sounds like a safe way to be a first time landlord.

While this may often be common practice in some states, like Florida as I understand, the fact is that the lender/note holder is still at risk of suit for equities.

What I want to learn from your family is the best practices that current members are doing to be successful, ex. finding properties and/or financing.

And also what are the best practices when doing these.

Best bet would be to participate in a local REIA and find a real estate attorney who is familiar with REI practices to look over your contracts.

So for the last few months, I got a lot of practice in this Fall and Winter so I think I should be ready for the Summer!

I feel like while I understand the investment theory, I know very little on the practical side of ownership.

d) Finally, how long must an owner-occupant live at the property before he is able to relocate and use the former property strictly as an investment?

If anyone were renting to us, they SHOULD be far, far more concerned with the cat.I would MUCH rather allow a tenant one large dog than 2 cats.In practice, I allow both.