You need: business license, errors and omission insurance, a relationship with a title officer, an attorney to sent up structure, attorney to write the disclosures and documents, professional website, clients, a business plan, what type loans you will do rules ins and outs, CPA to set up procedures, bookkeeper to do payoffs/ annual state and federal reporting/ process payments/verify taxes and insurance are current, you cannot talk to ANY owner occupants or you get fines and jail time, without an office address or history you won't appear genuine, you need to answer the phone 10 hours a day, have construction costing deep knowledge, able to pull comparables and AVM's in seconds, able to pull a tri merged credit report, have vendors linked to your cloud based loan processing system just to name a few.

What is the correct procedure to get them to clean up or get out as quickly as possible?

(I was waiting for my first deal to even consider this).And when talking to the agent I guess the procedure and plan of action will present itself.If I am missing something or if you can tell me other good things to do please feel free to do so.Cheers.Jerryll (and Dixie)

You learn how to do it after you MAKE your first deal and you experience all the flaws of that first experience and then you know the steps, the procedure, then you tweak... and tweak.. and tweak, till you find your perfect system.

I am not saying anyone is out to take advantage of you but protocal is protocal and procedure is procedure, you have to make sure because no one else is going to do it for you.

Great feedback Rabih, are there any issues or certain procedures to overcome for non US residents?

Each state has a Division of Real Estate who oversees broker operations & requires broker's to adhere to incredibly strict accounting procedures, audits and care of all of this money that flows in & out of their hands that is that of the client's (you) or the tenant's.

Spend an hour with your CPA so you setup a tax procedure and to maximize your tax savings.

.); the process is also explained in the policies and procedures booklet I leave them.

We stick to very strict procedures and budgeting, so when we get our next property this year we can just add it to our existing procedures.