.⦿ Gather forms and documents: rental application, acceptance letter, deposit receipt and deposit to hold, denial letter and adverse action letter, lease agreement, rules and regulations, pet addendum, move in and move out checklist, lead-based paint pamphlet, and disclosure and certification, other state required forms, legal notice to pay or vacate, legal notice to comply with lease, notice to enter property, move out instructions, disposition of deposits⦿ Create a policy binder: company mission and values, company managers/owners/employees, telephone standards (hours, expectations, etc), list of all properties, addresses, mortgage companies, and insurance companies, the application process, minimum standards for tenant approval, tenant screening process, rental collection practices, rent extension process and late fees, security deposit process, basic lease terms, pet policy, smoking policy, vacating tenant process, turnover process⦿ Get to know the neighbors⦿ Set up bookkeepingFair Housing Laws⦿ Simply asking the age of children can get you into hot water when screening for or renting out a property.

First we "test" if you have the necessary basic level knowledge to have a fighting chance at making, not loosing, $ on Wall Street.

You can buy one on Amazon and pay someone to install.Or maybe a basic window unit would suffice for such a small place....?

Once you’ve got the basics down, start running real numbers in different markets to see what kind of cash flow and returns each area offers.

I was there like I said a year and learned a lot about that culture of the deep south and those who are basically life long renters and 2nd and 3rd generation section 8..

In the "sell or keep" spreadsheet from BiggerPockets, its basically a wash, unless you just take the proceeds and put it in VTI, in which case it's a big win.

I guess the only issue is for those with section 8 or basic C class or D class most those folks dont have a checking account. 

That’s a step up from basic renter tax situations.A CPA will cost more than TurboTax, but as with a lot of things in life, you generally get what you pay for.

I think that locking in a basic buy box 2-4 units, FHA/VA/low-down options, specific neighborhoods and beginning weekly property tours is the best way to put learning into practice.

You’ll also gain valuable experience managing a property before buying anything bigger.Before you buy anything, learning the basics of taxes with rentals will give you a huge head start.