Looking for blank template of Rental Application for Virginia and general advice

Rental Property Investor · Norfolk, VA · Member since 2026 · 8 posts · 3 votes

Hello BP team,

I am just getting systems together and readying myself for my first rental property purchase. I'm currently out at sea on a Naval deployment so all I have is extra time. can you send me a ready to use rental application form, one page, double-sided and includes the proper information regarding fair housing laws for the state of Virginia. I want to get a duplex and live in one and rent the other to get my feet wet. Can you also share some of your biggest mistakes and others you've observed? Also can you tell me if you knew what you know now when you first started your real estate investing adventure, what would you do if you had a steady job and 20k to invest?

Thank you BP team!

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Chris SeveneyBusiness Member

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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes

2mo

Quote from @Dryden Ray:

Hello BP team,

Thank you BP team!

in these situations i would get a property manager, as if you live next door and manage the property and they know you are the owner everyday you are going to get some type of complaint of "the door handle is loose", the cabinet does not close properly....if you do decide to self manage, I would also use an agent to find the tenants vs. trying to do it yourself and pay a months fee for them to find a tenant.

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2mo
Quote from @Dryden Ray:

Hello BP team,
I am just getting systems together and readying myself for my first rental property purchase. I'm currently out at sea on a Naval deployment so all I have is extra time. can you send me a ready to use rental application form, one page, double-sided and includes the proper information regarding fair housing laws for the state of Virginia. I want to get a duplex and live in one and rent the other to get my feet wet. Can you also share some of your biggest mistakes and others you've observed? Also can you tell me if you knew what you know now when you first started your real estate investing adventure, what would you do if you had a steady job and 20k to invest?
Thank you BP team!

in these situations i would get a property manager, as if you live next door and manage the property and they know you are the owner everyday you are going to get some type of complaint of "the door handle is loose", the cabinet does not close properly....if you do decide to self manage, I would also use an agent to find the tenants vs. trying to do it yourself and pay a months fee for them to find a tenant.
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Janice Carter
Real Estate Broker · Atlanta · Member since 2024 · 1k+ posts · 607 votes
2mo
@Dryden Ray I agree with Chris. Considering your lack of experience, I would recommend hiring either a property manager or a real estate agent to help with the purchase and then secure a qualified tenant. It will help you avoid some costly mistakes while you learn. Best of luck with your first duplex.
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Ashish AcharyaBusiness Member
CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
2mo
The live in one rent the other duplex is one of the most tax friendly ways to start, because the rented half becomes a business asset the day you close. You allocate the property by square footage, and the rental portion gets depreciated over 27.5 years on top of its share of mortgage interest, insurance, taxes and repairs. That often creates a paper loss even while the unit cash flows.

As a W2 earner on active duty, the special 25k allowance is where it pays off. If you actively participate (approving tenants, setting rent, arranging repairs, all doable from deployment) you can apply up to 25k of those losses against your W2 income while your income stays under 100k, phasing out by 150k. That is money back, not just a deferral.

The piece most first timers miss, and it is big for military, is Section 121. On qualified extended duty you can suspend the 2 of 5 year residency clock for up to 10 years, so even as orders move you around, that unit can still qualify for the capital gains exclusion when you sell. Set your records up clean now so it holds later.

Most real estate focused CPAs work fully virtual, so deployment is no barrier to getting this right from day one. Happy to connect!
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Denise SuppleeBusiness Member
Realtor · Willow Grove, PA · Member since 2017 · 1k+ posts · 652 votes
2mo
@Dryden Ray, thank you for your service, and I love that you're using deployment downtime to get organized. I don't have a Virginia template, but I'd check your state's Real Estate Board site or a local property management company's website, many post a free blank application with the fair housing language already built in. Living in one side of the duplex while renting the other is a great way to learn landlording, since you're right there for repairs early on. My biggest early mistake was not documenting move-in condition well enough, it cost me in a deposit dispute years later. Photograph everything before move-in.
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