First time investor.....few questions.

[Brandon Schlichter]

Ok , maybe everyone can provide some general insight into strategies or tips for my new venture.

Anyway , i'm looking at buying properties to use for a hold-then-flip strategy. I've found several properties i can buy at 60-75% FMV.

I need to know good , effective methods for finding quality renters and the paces to put them through to get the best. I'm planning on offering owner financing/land contract for the property if i can do it in a timely manner once the property has been refurbished for renting.

The basic methods of advertising that have been sugguested have been Craiglist , the local classifieds, premise sign and a few rental websites. Are there any other good sugguestions for sources to advertise?

Now , for screening , i'm under the assumption that the basic things that should be followed are credit, criminal and a past landlord check. I'm also planning on dropping by the current homes of potential renters to valuate their quality of life before acceptance.

Another thing that was sugguested is making the renters responcible for the first $25 of any repair on the property , thus keeping down my expenses and their complaints. A thought i had was also getting a home warranty , my cost is going to be around $370/yr with a $55 deductible , covering everything outside of roof of the property, with the other strategy , my cost per covered repair will be $30. Would this be a good plan at a cost of $30ish a month for warranty?

Thanks!