I would sit down with him and review all the terms of the rental agreement, including how to pay rent when it is due and to whom.

Factors include the wording of the original agreement, when the original debt was due, how it was billed, and if the tenant ignored the bills and let them accrue.

Your military work history can be included if what you do now is similar to what you did in the military. 

My ultimate goal with getting into real estate investing is that Erin and I are building toward more freedom, and the wealth required to live the life we want to live now and into our future (including retirement).

I feel that it may not cash flow well since it seems like my payment is quite higher than I initially expected.Example: 2 bed 1 bath in 93728 Asking price $125,000Closing costs estimated: $7,200-$8000 (includes interest, insurance, and taxes for 1 year)20% down paymentTotal due upon close: $27,200-$28000Thanks for any advice or feedback!

For example: When you buy set for life from us you get ALL bonus items, including the Six Steps pdf ebook The house hacking webinar recording 4 audio interviews with personal finance expert

She does not need the money from the sale of the vacation home, and would be willing to trade it for something that could be a rental and easy to get to - which will probably be on the Jersey Shore.So I have read all of the rules on the 1031 exchange - including the articles on BP.

I haven't done any direct marketing in your areas, but I do work primarily with out of state buyers - including a few from NY - as a realtor and property manager.

Thank you. 1) Rule 1 - Contact a real estate attorney and ask what the laws are regarding foreclosures in the state you are working including the S.A.F.E. laws2) See rule # 1

Also, keep in mind, that your rental income and expenses do not include principal paid on mortgages.I think that for you more meaningful result would be: net rental loss + depreciation taken for the year - principal payments on the mortgage (interest portion should've already been included in net loss).