Hi all, and Happy Saturday!
So I've been looking around for awhile and finally have located an out-of-state property that looks to be a great deal for my very first rental property purchase! I ran the numbers on the BP calculator and have set up an appointment with a realtor for a friend to go view the house, since it is out-of-state for me.
I have a few questions:
1. What types of things should I have my friend specifically look for or take pictures of when touring the house that are more likely to present fatal flaws?
2. If the friend tours the house and no fatal flaws present themselves, then what's next? Should I be getting pre-approved for a loan already in case it works out? Researching a property manager or contractor? Talking to a lawyer or accountant about the future tenant paperwork?
I've done my due diligence following the forums, listening to the BP podcast, and reading many of the books recommended here, but still somehow feel like I'm not fully sure how to actually apply all the general lessons to concrete, actionable steps now that I'm looking the potential deal in the face. Any help is very much appreciated!