Save and buy your second property.I'd also advise to buy in locations where rental market will always be strong, not dependent on one type of employer or industry. 

Insurance plays an important role as the first line of defense against nuisance lawsuits and common events like slip-and-falls.

Hey Jorge,I think this may be one of the most commonly asked questions on BP so you can probably find a ton by search through the forums but I think the best answer is that it depends.

It you communicate your rental criteria to prospective tenants in advance before accepting an application and application fee (required in Washington State), you would not run into this problem.It's perfectly fine to reject an application or approve it with conditions based on legal rental criteria.You may want to use a standard form, such as an "Adverse Action Notice".Here's some information from the one we use:----------ADVERSE ACTION NOTICEApplicant name ____________Applicant mailing address ___________This notice is to inform you that your application to rent the property located at ______________  has been:[] Rejected[] Approved with conditions:[] Residency requires an increased monthly rent of $_____[] Residency requires increased [] fee or [] deposit of $ _____[] Residency requires last month’s rent[] Residency requires a qualified guarantor[] Other requirementAdverse action on your application was based on one or more of the following:[] Information contained in a consumer credit report *[] The consumer credit report did not contain sufficient information *[] Information received in a criminal record[] Information received in a civil record[] Information received from references[] Information received from previous rental history or reference[] Information received from employment verification[] Inaccurate, false, or misleading statements or missing critical information on the application*If you were rejected based on a consumer credit report, you can request a copy of your credit report for free from the below-checked agency.[] Experian[] Equifax[] TransunionDated this day of ________.Agent/Owner Signature _________

The house is located in a rural area where fire places, wood stoves , pellet stoves ... etc. are pretty common.

I have witnessed at least 2 other units with severe water damage because of the plumbing in common areas.

I'm guessing that your parents and assorted siblings inherited as tenants in common. 

We are also going to redo all the common areas and laundry facilities.

Probably the most common way investors get started...Take the money.

We pay for our license, continuing education, NAR membership, state and local Realtor board membership, MLS, E&O, marketing, lead generation, websites, desk fees, gas, etc.And if you're thinking that we're making a killing on our commission, don't forget that on a 5% deal, that is commonly split 50/50 between the listing and selling office.