I would highly recommend full background checks and ensure you understand the tenant/landlord laws in regards to approving and denying applications.  

They will understanding all of the rules and regulations in what is needed to make it legal.

@K S.You just said they make money by lending at 7.5-8% and they don’t have to deal with tenantsThat’s how they make moneyI don’t understand your question.

He also said that those that understand this, would be living off of those that don't.

Happy to point you in the right direction, I've worked with different types of lenders and you just have to find someone that understands your scenario.

I find that most towns just want owners to rent responsibly, which I can understand.

@LaShanti Penn one of the biggest mistakes owners make is not understanding the different risks with different Property Classes.They often look at cheaper properties that are Class C, but expect Class A results.Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.When investing in areas they don’t really know, investors should research the different property Class submarkets.

It may be worthwhile to get an attorney for you to also follow along and explain to you what is going on.What state is this in?

I would recommend you find a fire restoration company/contractor to walk the property with you and give you a good understanding as to what needs to be done.

I just don’t understand why they would allow water to sit in the obviously warping floor for months.