We currently are providing majority of our services to a company who made a bulk reo purchase here in the suburbs of Cleveland and they are happy with their progress in our market thus far.

Current home value $400k Amount owed $333k (28years left)PITI $2000/monthWill rent for $2500No major repairs needed.

I am not opposed to making some needed improvements, but don't want to take on a major rehab now. 

I know that major chains invest in areas where they can make money, so a Costco, Whole Foods, or Trader Joes signifies a neighborhood getting better while a McDonalds, dollar store or oil change place does not. 

Amber, the state department of finance, generally the higher agency has departments under them, insurance department, real estate, dept. of banking supervision, finance companies.

I want to make sure we don't make any major mistakes on our first rental property.

I am new so bare with me; first actual post.I am looking to invest in multifamily properties located in a major city adjacent to a major college. 

It didn't "change my life" but it did change my thought process about a lot of things, especially in the finance department.

After a few years of successful operations, you can look to banks' commercial lending department for future loans. 

You might even want to see if the person staying will be assuming full responsibility for any of the damages rather than splitting that up - you might even find that all damages were caused by the departing person and they both agree that the full payment for damages should come from  that share.