The term sheet they offer is:-75% LTV-30 year fixed, rate at 6.88% with $689 to buy down- 1% of loan amount- Processing fee: $795-Attorney closing fee: $500-Title review fee: $500-appraisal fee: $660-$750 closing with LLCand other regular closing cost.

Section 8 picks apart the pickiest of things to not pay the money that a regular tenant wouldn't care about.  

My wife and I didnt want to take money out of our regular job incomes and this seemed like a good way to learn the industry and get access to listings on MLS.

Another reason to keep an eye on our properties and to do regular property inspections.

One thing about cast iron drain pipe is that it is good to actually have water running through them regularly; in REOs that have been empty for a long time, with no water flowing through the drains, cast iron drain pipes tend to be cracked in places where they were weak.

I also recommend that my clients get someone else who is not working on the project to keep eyes on it regularly to confirm what they are being told by the contractors.

@Larry WilsonWe run a fee add on system pretty regularly and successfully - typically 3-4 unit conversions. $15 for efficiency$25 for 1Br$30 for 2br...you get it.

Additionally you must do regular inspections during the term of the lease and repair any damage found.

Provide pet with regular health care, to include inoculations as recommended by a veterinarian.10.

And importantly learn from my mistakes of not raising rents on a regular basis.