Kyle RiceWe will sign a lease weeks/months in advance and collect the security deposit.

Quick thought, in my experience of looking through MFR deals anything renting for around $500/month will not be "turnkey" as there is much to do with that tenant demographic (evicitions, collections, etc).

I believe we are not allowed to collect "last" month's rent as landlords in CA.I agree with others, definitely get the full security deposit.

I discounted that number by 10% for vacancy and collection loss to produce a net number of $22,680$22,680 - $10,479 (adjusted 2013 expenses) = $12,201 NOIPutting $25,000 down on the full asking price leaves a mortgage of $74,500; financed over 20 years at 6% = $6405 annual debt service.Cash on Cash Return = 23.18%Assume $25,000 down payment plus $20,000 for closing costs and repairs:Cash on Cash Return = 12.88 %2014 Annualized:Expenses for Jan & Feb of 2014 totalled $10,000.

Use a 3rd Party Payee to Collect payment from Tenant Buyer to Lender, Taxes, and Insurance, I recc http://notecollection.com/http://www.avalonescrow.com/6.

Does anyone have experience in collecting a judgement after the tenant is evicted?

Scott,I'm answering this from a consultant/independent contractor point of view since I have not yet invested in real estate, but using legalzoom or nolo is perfectly fine to get the LLC formed, IMHO.The big factors for the LLC you'll need to decide are:- What state to register in (some people choose Delaware or Nevada for favorable business laws)- Who to use as a registered agent (basically the person that collects legal papers)If you plan on simply investing within your state of residence for now, I'd suggest on forming the LLC within that state using Legalzoom or even through the state's secretary website (if available), and then list yourself as the registered agent.

It's a collection of the best flipping info from the site.Oh - and don't forget to set up your Keyword Alerts!

I recently got involved in helping homeowners collect overages that they are due and one of my claimants wanted to know if he would have to report the overage refund as income?

The thing though was that the comps and properties in her area were only selling for about 310-330; around $100,000 less than what she owed, putting her in underwater mortgage.After talking and gathering more information, I also found her mortgage payment was $1670 impounded (PITI) and she was collecting a $2,500 monthly rent.