My instincts on my first two tenants based on conversation alone was correct, but I still get an application to verify past residences and work history.

Second homes might have a bigger market than single family primary residences.

That being said I am highly inclined to investing out of state but have my reservations since I will be so far away.I know Michael L. has some properties in Dayton, OH (living in Long Island as well) I was reading some of his (your) posts, please let me know how your experience has been.Based on my situation I've been led to turn key investing.

You need to have reserves to protect yourself as a lender, the ability to take out other liens.

For a cross-country move, we desperately need to sell our residence within 2 months.Paid $139k in 2007.

I was actually having this discussion with a well known poker pro a couple months ago -- apparently he was able to get a couple mortgages on a primary residence and vacation houses back in the mid-2000s and to this day has never missed a payment...but mortgage brokers are telling him that his only option these days are portfolio lenders (who would likely require him to collateralize the loans).

What are the annual property taxes, who pays the utilities (water is usually handled by the HOA, but not always), and does the HOA have adequate reserves to cover major repairs like roof replacements and street resurfacing?

I'm no guru or an expert in economics and frankly, I just started investing in this great business, but I do have some reservations on how values are going up when job markets are still in the hole in certain markets.

I do not think that I have a well-developed niche as of yet, but commercial and multifamily units are what strike me as most appealing.Looking forward to meeting many of you from any and everywhere and, hopefully, some of you that reside nearby.Cheers,

You are going to liquidate all your available cash and then immediately (according to you) quit your job.What will you survive on and what reserves will you have when the project hits snags??