(i'm also thumbing through a book but haven't finished)basically i'm looking at 2 different 3 families Cost is between 160k and 200k what they are asking and where I offer.Rental income is 2900.I was told i could get a rate of 6.25 if I put 25% down, this can be done if I take out a second mortgage on my home.

As far as talking to them...I'd say just for the phone to get the basics (rooms, sq ftg, known repairs, etc..) and when a buyer calls, get the basics also (name, address, email, fax, etc..).

A generic contract is how you end up in court on the losing end of a lawsuit.You need a contract that is specific to your state laws.If you have any sort of landlord's association in your state, they may sell rental contracts that their own lawyer has vetted and approved.

Would I go with a bank local to me (to perhaps start or continue a relationship) or am I basically required to use a bank close to the property?

When you rename the company, you can have basically the same name with some small variation… See an attorney.

The fact is that a court can AND WILL declare your assets ripe for picking in a lawsuit if the plaintiff can prove that you manage the day to day operation of the business.

You can probably find a basic one in a stationary store.

Sorry to ask a basic one, but I'm still in the early stages of learning the property analysis bit.ThanksJeff

_r=1&ex=1361854800&en=a0d3a8e949e5d566&ei=5088&partner=rssnyt&emc=rss&oref=sloginThe article begins as follows:"President Bush sided with banks and mortgage lenders on Tuesday, threatening to veto a bill being offered by Senate Democrats that would give more bargaining power to homeowners who face foreclosure.Opening what is likely to be an intense political battle in the deepening mortgage crisis, the White House said it strongly opposed the bill, which would let bankruptcy court judges modify the terms of a mortgage as part of the restructuring of a debt in a bankruptcy filing..."

More then likely she will never got to court, but all you need is a written statement from her saying that he was the one that trashed the place.