Thanks for the quick response, @Tom Meade !

She quickly discovered that the smaller banks were the ones ready and willing to lend.With a tight mortgage contingency period on the contract, she really should have cast her net out a little wider in her search for commercial financing.

;-)Marvin, there are several "rules of thumb" in this business to help you quickly evaluate a deal to make sure it passes some basic tests.

not even a quick reply?

One the deck which is in really bad shape, I want to replace it quick.

Hello All,Just wanted to quickly introduce myself, have been a reader on this site for a long time but just recently created an account.My experience with Real Estate started by purchasing for our own living, first a condo and then a SFR.

Wow... adds up quick!

You will not get rich quick in RE.

I agree with the above.Definitely add on late fees and do not let the tenant slide.If you are lenient at the beginning this will reinforce bad behavior.For a quick understanding I would call a property manager in the area to get an idea of what they charge to manage properties, why not you may pay someone eventually right?

Whatever you do, I would use a shared approach to covering the added cost to keep the tenant on board with the idea that she is responsible for reporting any problems to you as quickly as they come up.