That is good to know. Thank you both for your responses. I appreciate it!
4: How do you collect rent? I don't know anyone with a chequebook or that writes cheques. Cash seems silly. How is this done?
I went to see a duplex today.
One unit is 1/1, tiny but the space was used well, very clean and organized. The other was 4/2, a roomate situation with a dog and cats, well maintained and clean. Both units have their own laundry. Both were in good condition cosmetically and there were no structural issues other than an elderly roof. The roof is Patrick Stewart old, not Betty White old.
My realtor is a friend and neighbour and he's an experienced contractor. we spent over an hour going over the electrical, plumbing, foundation, etc. I feel confident that he is on my side and knows what to look for. There were no red flags.
I like the location, the numbers, and the apparent low maintenance of the property. It's the first place I've seen, but there are very few available that fit my parameters. I'm a n00b when it comes to landlording, but I've bought property 3x in my life, so I like to think that I'm not naive or stupid about these things.
What else should I be asking? It seems good, but not unbelievably so (that would make me think that there was something I was missing, as unbelievable things tend not to be real)
I don't want to jump in and use all my savings without seriously considering it, but all I see from here is upsides. Someone talk some sense, please.