There are plenty of books out there that give you advice and tips on what to do and how to draft leases but if you're still uncomfortable, then having an agent by your side for the first rental, might not be a bad idea. 

Do you have any templates or tips I could possibly use to help me get started ?

Any insight into what’s commonly accepted would be great.Thanks in advance for any tips or experiences you can share.

This is a great place to learn and further investigate investing in real estate.

If you need an exit for a reset this may be an option you want to investigate further.  

I would appreciate any knowledge share, or tips and advice on where to gather information to properly estimate for such a project. 

This is my first extensively water damaged home that I may purchase. Surprisingly, it has nothing to do with the roof. The roof and attic are the best parts of the house, 0 problems.
Main line, laundry line, kitchen ...

We use a YTDpaystub and last year’s W-2(s) to calculate income several different ways:Hourly or salary income calculated to a monthly amountYTD income divided by number of YTD monthsYTD + W-2(s) income divided by the corresponding number of monthsIf these numbers vary too much, then we investigate and require an acceptable Letter of Explanation.Employment StabilityUnless an applicant has exceptional credit, we strive to determine their stability of employment to make surethey’ll always be able to pay the rent on time.

@Josh CaughranWelcome to the community and be ready for a huge amount of information at your finger tips.

It does seem competitively priced for the area.If anyone has insights into how the existing HELOC might impact the mortgage assumption or tips for negotiating on a deal like this, I’d greatly appreciate it.