Frank Gallinelli's great book "What Every Real Estate Investor Needs to Know About Cash Flow" got me thinking about how to properly account for replacement reserves in rental properties.

lol @Greg Fries that 5 percent was left for finishing the job properly.

Properly executed and recorded docs or court appointments do, and proper notices from the correct entities are necessary.

One of my concerns is that the prior owners are willing to take such a huge loss on the property considering they want it to be an investment, but the broker assured us that it's been sitting on the market for quite awhile, they're unable to properly manage it from so far away, and the real estate market in the area is slow - so they've been aggressively priced to sell.Anyways, the house just next door to the east (the yellow one) is a very comparable property detail wise, but not quite as nice and it currently is leased out for $700 per month.

When it comes time for you to sell it, since no disclosure is required the suicide won't lower your asking price.Once you get it under contract, make sure you confirm proper procedure was followed following the suicide (she will have documentation if this is the case).

Skip Tracing; sorry I didn't know the proper term.

I just see a series of obtainable goals that I can reach if I put my mind and energy to work in the proper way.

It will allow You to get the knowledge/currency that You need to up Your score the proper way, and learn about such things as "goodwill letters" , proper ways to dispute, and other powerful tools.

Do you have proper insurance?

With a month to month lease you can terminate the lease at any time (with proper notice) for any reason.