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I've been doing some learning over the past few months and I've got the nswer to my own question now.

For paperwork, make sure you get a breakdown of income and expenses. You want to know what has been coming in, and what the management company is spending your money on. This will come in handy during tax season. I'm not getting other paperwork currently, but my manager is willing to send me copies of leases if I want. I've declined.

Working with a manager has really taken the heat off of me in the last few weeks. I'm all for promoting the use of managers!

Thanks for the lesson, JohnMichael!

Nate Welcome to the site and to investing. Ask anything! Hope we can all help you out here.

PS. You meant simple, right???

You've set a great goal for yourself! Since December, huh? Well that's great. Are you having fun with your investments? Profitable? Good luck meeting and hopefully beating the goals you've set for yourself! :mrgreen:

I found this on The American Success Institute's Page, and thought it would be helpful.

[b]Before You Make An Offer:
A Neighborhood Questionnaire[/b]

When you purchase a home, you are also buying into a neighborhood and community. So, it is important when contemplating the purchase of a specific home that you also evaluate the neighborhood to ensure that it meets the standards and has the amenities that you expect. Here's a quick questionnaire to aid your thinking:

1. Overall Appearance. Are the homes attractive and well kept and are the streets clean and well maintained?
2. Neighboring Homes. Are the neighborhood homes of the same size and in the same price range as the proposed purchase?
3. Neighbors. Does it appear that the age composition of the neighborhood is what you are looking for; i.e., with or without many school-age children?
4. Schools. Are schools and playgrounds nearby, or will transportation be necessary?
5. Public Transportation. What type of public transportation is available and what distance is the transportation from the home?
6. Public Services. What is the status of police and fire protection? Where is the nearest hydrant? Is trash collection available? When? Is the water supply adequate? Have there been any problems with the local drinking water?
7. Medical Facilities. How close is the proposed purchase from the hospital, physician and dentist offices, emergency medical services, etc.?
8. Flooding. Is the area high enough to prevent basement flooding and water backup from the street?
9. Security. Is the neighborhood adequately lit at night?
10. Noise. Are there any unusually annoying noise disturbances from factories, airports, highways, etc.?
11. Odors. Are there any unusually unpleasant odors from factories, sewers, rivers, etc.?
12. Power Supply. Are there any high-tension power lines in the area or other power supplies, which may interfere with, radio, TVs, etc.?
13. Telephone. Will you be located in an area where the majority of your calls will be local and not long-distance?
14. City Streets. Are the streets owned and maintained by the city?
15. Cable TV. Is cable TV service available in the area?

I found a really interesting online "course" on real estate. It has some really good advice and great listtle success stories. I recommend everyone check it out. http://www.success.org/re/

BTW - I'm not affiliated with the site in any way.....not a money scam or anything.

You really need to get rid of the tenant! You don't want anything like this to come and bite you in the butt. :badwords: I've heard of good people losing their property to the government because of similar situations. Please protect yourself.

From what I understand, in this situation, you're in a great place! I'm pretty sure that tax-liens are senior to all other liens or mortgages. Your owner defaults, and I'm pretty sure you've got the property free and clear!

Let me add something to this. Why not also ask:

"If not, then do you have any friends or associates who also be selling?

Seems like a logical next step, no?

You can always use the Realtors' websites to get access. Many of them have a service where you can have new listings emailed to you through their websites. Not a bad way to go about it.