Having a number of people troop in and out and you get the problems of being a landlord * 10.

About 4 or 5 months into the contract, the Landlord informs me that the house is going into short sale.

I know my mom was concerned only about the taxes and isn't an experienced landlord so it might be worth talking to several more experienced people.I appreciate the quick responses :)

As Jon has pointed out, there are banks/credit unions who have CRE loan programs for loans in the 500k and below category.Your income and credit are good so that won't be an issue, but your inexperience as a landlord could be a problem for some lenders.

LOL)Be careful on the section 8 payments.They might be high now but can have a readjustment monthly rate for the area come down the pike.I have seen this happen in a few areas.In those cases the section 8 tenants can never make up the difference so the landlords get them out to rent to regular tenants at market rate.If section 8 payout is at market rate or higher it is good but if below you have to have a real low basis in the property to rent out and make any money.

.* You are already a two-year landlord, which is great, so your net rental income will be allowed to count when applying for bank loans.

Landlord pays for hot water and waste removal.Agent said that Net yield is ar 25% cap.Taxes $5k per annum.Bldg comes with new Cert of Occupancy but the city council.SheenSingapore

Also clarification on the "no rental for 12 months" rule; if we rented it out as a vacation home (for two or three days at a time, like on VRBO.com) does that count the same as a full on leasee-landlord situation, or could that still be an option for us?

I have now resorted to putting a "for rent" sign on all of my buildings in a neighborhood where I have a vacancy - even on the buildings that have no vacancy; this gets the phone to ring more, and I explain to the tenants there in advance that I am not trying to rent their place but another one I have that's vacant.I get some referrals from code enforcement officers - typically tenants who are fed up with their present Landlord and are asking about somebody who has properties in good repair and good condition.I also use a service that is called Locators.

Are you implying the landlord puts a lien on something?