Use BP as a tool to find other investors, mentors, even agents and lenders that can give you advice and prevent you from making the same mistakes as others.

Is there anything I need to be aware of to prevent unforeseen tax implications down the road?

This means less demand for starter homes which prevents those homeowners from being able to "trade up".

Although there was not much I could do by way of prevention, my learned came from the experience and knowledge that I gained from hands on experience.

We'll charge from 1/2 to 1 months rent.We've never considered a security deposit as leverage over a tenant that would prevent them from trashing a place.  

Steve, you would need to review your LLC operating agreement to see if there is anything preventing you from buying portion of the LLC (in most cases this should not be a problem).

But from my experience, nothing that would prevent you from  potentially having a great investment.  

One major thing they are preventing is for us to get good pictures.

Regular inspections would not have prevented it. 

Then, if a circumstance happens in your life - loss of a job, divorce, death in the family, new baby - that prevents you from paying out that cash to support the property, you will be forced to sell or even hand back the keys and lose everything.So, focus on cash flow!