You may consider terminating the lease depending on how much time remains, your skills, the legal system, and other factors.Based on what you've said, I am concerned there's someone else occupying the home or something else is going on.

They were a bit older than me and a smooth talker, and he knew everything about contracting... allegedly. .

We go by a simple concept, just do what you agreed too in the contract, nothing more, nothing less - if that happens then we all win.

Be an area expert on contracts, zoning, value add components, contractors, and so much more. 

Hi Brandon,Thank you for your reply, definitely trying to avoid the scammersI'm currently under contract and looking for reliable/credible lenders.

I only ask because the main purpose of an LLC is legal protection, and if you don't have a large amount of assets to protect, say less than $1M...you may be putting the cart before the house, and it may make more sense for you to focus more on finding and closing more deals.

Under contract to buy a home that needs to be completely torn down. 

I’m currently looking into the best ways to structure guest payment flows to ensure legal compliance (that may restrict non-licensed property managers from collecting rent directly) and seamless operations.

Digitize physical receipts for easy storage and use a consistent naming convention for easy sorting - 2024.03.25 Home Depot.Maintain proper records, such as contracts, settlement statements, and promissory notes.Additionally, you can track income and expenses consistently using software or spreadsheets.As you scale, if bookkeeping isn't fun, consider hiring a bookkeeper for a couple hundred bucks per month.

All these statutes supercede any written contract between landlord and tenant.Now, if they stop paying, then you do not have the restrictions above.