Do I care about the long-term ownership of investment property?

Let the tenant know - in advance - that everything has been documented so they are less likely to steal or hide damage.The lease should cover lawn care and that the tenant is responsible for repairing damage from their pet, to include dead grass from pet urine.Have an eviction attorney in mind and start the eviction process at the first available opportunity.Any specific questions I can help with?

I feel sellers just want to know what they're going to net out of this transaction, and taking care of all those extra costs puts them at ease.Alexander, I have to disagree with your guns blazing strategy.

I don't care if my opinion is blunt.

These tenants will be living there while someone else pays the bills, which means they may not do a good job of caring for the home.

Just be careful.

If you're low on funds, you may want to look into bird dogging (and eventually wholesaling) by finding deals for other real estate investors.

Hiring a good management company would take care of doing most of the necessary work everyday but you would have to manage them to verify they are doing what they ought to do. 

I just want to make sure you are aware of that so it doesn't sneak up on you.Then you will want to have some sort of lawn care and general maintenance budget for tenant "uh-ohs" of about 5% of rent which is another $66.25/month.

As for lessons, you need to be more careful with tenant screening.