Flow of Buying Rental Properties

[Lisa Daconta]

Hey guys/gals,

I'm new to real estate and want to have 1 rental property before I head off to another state in a little less than a year. I feel like I don't have a good handle on how everything is supposed to flow from beginning to end. For example, You search for a good location to invest, you contact a recommended real estate agent/property manager to fine tune your search, next, you choose a house to bid on, etc...

I'm looking to see if someone has a good timeline flow-sheet for rental properties from beginning to end. A few examples are: When do you apply for a loan? When do you contact your contractor when your bid is accepted? When do you create an LLC for the property?

I figured this is common sense to a lot of investors so I figured it wouldn't hurt in asking professionals before I become one.

Thanks guys and happy hunting!

Jesse