Property management firms will have their lawyers write up their lease template, but they also deal with thousands of tenants over the years.Assuming this is a normal rental, you should be covered by going to an online legal store. 

I get my loan and cover my closing costs of about 3,000 leaving 20,000.

total $1000 monthlyRemember most of the cashflow cities are just coming back to 2006 levels.. 130k down can get you a duplex, triplex or quad in riverside and san bernadino county. cash flow probably $400 to $500 a monthabout your other questions,,Need to set up LLC in state of property--- you dont need that. just a landlord insurance and a umbrella insurance to cover you.Need to set up business bank account--- rental income can be deposited in any accountNeed to find Mentor-- yes Need Attorney-- what for?

Even with MF its sometimes hard to get this information as many investors just do not keep up with it.I would recommend having an attorney or agent write the contract for you so you know your covered. 

Thought this might also benefit you.1st pillar is avoiding unnecessary and risky activities (don't drink and drive, insurance generally won’t cover your poor decisions) and take good care of your investments - these simple steps will help you prevent lawsuits before they even occur.2nd pillar is a good insurance policy as that cover the majority of your exposure.

It's awesome to meet another investor from the Buffalo area, by the way.My wife and I were thinking the same thing with respect to just simply positive cash flow/all house expenses being covered while we're house hacking, which should make the property that much more profitable once we move & rent out the unit we were living in.While we have a lot of family originally from the Buffalo area, we're relatively new to the area (approx 1 year now) and quickly finding out the areas that we should stay away from - we're certainly steering clear of the inner city areas. 

I make enough money to cover him if anything ever went south, and he is on board with the idea and wants to do it. 

Hi,Depending on the states you are in, you could try Cobalt-Steele for an aggregated policy covering all 5 houses.Regards,

I told the buyers thanks for the offer, but I'm moving on to my back offer for the same price with no inspections and quick close.Some of those home inspector are just out to cover their back ends, and write the most insane stuff you have ever seen on new construction. 

Some people use their owner earnings to help cover their personal living expenses ("sip cocktails on the beach all day"), while others reinvest their owner earners back into the business to expand it.