Make sure to outline what belongs to you in the property, what appliances the tenant is responsible for bringing, what utilities are covered, property "rules" such as quiet time, trash, landscaping etc.

@Nalo Coban Did you end up closing on this deal with the financing arrangement you outlined above?

I'll be starting a blog soon and am thinking of outlining my progress on that. 

@Jonathan Dempsey outlines the only situation in which it's rational.  

Would be super helpful if you shared back..... outlined at a high level your acquisitions, how you did your deals, and approximate numbers.

Exercise patience and discipline.This Google doc (courtesy of Garrett White) outlines some prudent strategies to consider:https://docs.google.com/document/d/1-3rYb2SpPwyWbOahzQWqWU-ayktwRXrTA7tphLr55KgHAPPY HUNTING!

After we outline some of the investors goals, we, the agents, begin looking for properties for them.

It's in my pocket inside a neoprene holster, which hides the outline very well. 

If so, you are limited by your Debt-to-Income ratio outlined in the conventional guidelines which is 43%.

And it was a great start to a relationship that is still alive years later.On the other hand: I had a licensed broker recommended by an investor friend in Indianapolis, flew out there to look at the market and meet him, partnered with a local to me friend who had done local flips (that was my first flip, but I was no REI novice) and has an advanced accounting degree, also had the friend vet the broker and each property he brought to our consideration for a flip, finally agreed on a specific property after months of turning down others, signed a very specific (our attorney-drawn) contract that outlined project management responsibilities by the broker, kept in touch through the (delayed) process (and numerous excuses that - at that time - did not seem unreasonable,) flew out there again when the rehab was completed (and found a bunch of issues “on the surface” that he quickly addressed,) only to eventually lose a lot of money through the broker’s apparent negligence and downright fraud...