Good tenants come from properly screening applicants by checking their credit, criminal and eviction history.Please, please listen to some of the real estate vets on this forum like Mike and All Cash.

I was able to buy 19 lots in Arkansas and sold them for a total of $20,000.All it takes is the proper combination of education, money and being at the right place at the right time.

>>>>>The proper way to insure the property, once you (or your entity) own it, is to have a non-owner occupied "landlord" policy, with you as the new first named insured.

If your numbers are correct I would start around $135,750 and see how they react.

Either way, once you find a candidate property, you'll want to do a proper cash flow analysis.

The issue you have with that is only the Good Faith Estimate is governed by regulation for proper estimates of numbers.

@Jay NeilI would suggest you contact an attorney in Texas as I have heard that lease options in Texas have to be carefully and properly done.

I love to travel and spend time with friends & family and I see how a healthy portfolio of rental properties that is properly set up will allow me to do that.My life currently revolves around real estate and business as I'm working my way through a mile-high stack of books, constantly read blogs & newsletters, and frequently attend educational seminars & networking events.

The LLC can offer asset protection if executed properly.

If this goes well, We may all hold for cash flow, or some may want to sell, not sure at this time.What is the proper way to structure this deal?