Everything is negotiable, having said that, here is what's customary:Seller pays: Seller's portion of escrow fee, owner's title insurance policy, seller credits to buyer if any, city & county transfer taxes, agreed to repair costs and sales commissions.Buyer pays: Buyer's portion of escrow fee, lender's title insurance policy and lender fees, and down payment of course.That's all I can remember off the top of my head.

It's fairly new, so repairs should be low for a while, no property management fee, and taxes & insurance should run about $1,000-1200/year.

enjoy

http://www.youtube.com/watch?feature=trueview-instream&v=zl0zw1YVZd4

I'd either strongly encourage or require renters to carry renters insurance for flooding.Thoughts?

For Vacancy)= 12672- 2399(taxes)- 420(garbage)- 420(sewage)- 600(insurance) 1500(Maintenance & Repairs) = 7333NOI= $7333.00Cash Flow= NOI(7333) - Debt Services(3828)AM15yrs=3504Yearly ROI= 14.6% (9000down+15000rehab)/3504(cashflow) Factored rehab cost into ROI to get a true number.

Btw, thought this was funny/interesting -- my friend isn't convinced about title insurance (he's willing to self insure given his financial situation), and in doing some research, he found out that the title insurance premium is split between the closing agent and the title insurance company.

Less Red Light and Speed Cameras, parking tends to be FREE. etc.As to areas, I would just suggest you use the MLS access that you have, run numbers on properties based on rent, and the usual expenses of Taxes, Insurance, Debt coverage, etc.Then once an area comes over as decent, check into if Landlords must "register" this is a new trend that provides a landlord with no discernible benefit but to simply pay a yearly fee to the municipality so they can line their coffers more.

You can certainly foreclose but you might have to wait a year after the foreclosure is complete to get a title agency to insure title if the trustee cannot be served personally.

.$1300 in Rent against the following expenses on your original numbers:Mortgage Rate 5.00%Length of Mortgage in years 30Monthly Mortgage payment $643.78Taxes $150.00Sewer and Water $-Trash $-Heat/Utilities $-HOA $-Cap Ex and Ops $150.00 (this is a bit higher than your number, but not major in terms of the entire deal, and yes, it is a realistic number)Insurance $100.00Mgmt Fee $-Vacancy $104.00Total Expenses $1,147.78

When you understand deeds, closing requirements, what title insurance is, what rights are transferred in a lease or how rights in title are conveyed, things will come together.