If there is anything outside of my expertise or someone else can offer a warranty, I hire out.

My goals in real estate is for it to supplement if not replace my current income.

At a minimum, the following should be included in a land installment contract:• the names and current mailing addresses of all parties to the contract;• the date the contract was signed by both parties;• a legal description of the property to be sold;• the contract price of the property;• any charges or fees for service that are included in the contract separate from the contract price;• the amount of the Buyer’s down payment;• the principal balance owed;• the amount and due date of each installment payment;• the interest rate on the unpaid balance and the method of computing the rate;• a statement of any encumbrances against the property conveyed;• a statement requiring the Seller to deliver a general warranty deed on completion of the contract, or another deed that is available when the Seller is legally unable to deliver a general warranty deed;• a provision that the Seller provide evidence of title;• a provision that, if the Seller defaults on any mortgage on the property, the Buyer can pay on that mortgage and receive credit on the land installment contract; • a provision that the Seller shall cause a copy of the contract to be recorded;H5-9• a requirement that the Buyer be responsible for the payment of taxes, assessments, and other charges against the property from the date of the contract, unless agreed to the contrary; and • a statement of any pending order of any public agency against the property.What If My Land Contract Does Not Have These Terms?

I am currently working full time in an architecture firm and I am looking to supplement my current salary with real estate investment income.Listening to countless BP podcasts has inspired me to stop wasting time daydreaming about what could be and take action!

Lifetime warranties are a joke and almost never honored as there are always weasel clauses.   

You can end up with some clearance, old stock, "Sears Outlet", floor demo, etc. appliances that will still come with a warranty but at a discount.  

Way too many people look at a pro-forma for a buy-and-hold and wonder how a renter could put rocks in a garbage disposal, why a water heater broke 3 days after the warranty was up, why a tenant would ruin the carpet doing drunken keg stands in the living room, etc.

For the longer term, if you are absentee, you "could" purchase a cheaper home warranty and put in an addendum to your Lease Agreement stating there is a Tenant Repair Deductible of $XYZ (the amount of the deductible on the home warranty).

Another thing to consider is purchasing Home Owner Warranty to cover your mechanicals.  

We think this is a way to supplement our military income once we retire in 16 years!