Getting into real estate doesn’t have to mean having millions in the bank.

Brighton Bank is where my MLO license is at.

But for you I would definitely leverage the banks money as much as you can and just keep money on the side for reserves.

Did you use a local bank that agreed to a Seller Carry in second position?

Tenant must prove the following:1) they are unemployed2) if unemployed, they must show their unemployment insurance statements and small business protection statements (because a lot of them are getting more money in unemployment and some also get the small business protection paychecks from their employers)3) if so, they must pay 50% in rent each month or should get kicked out within a month; heck 50% of unemployment check should go directly to the landlord or mortgage company so don't let the tenant be the one to decide if they want to pay out or not4) but with the money, they should voluntarily move into a smaller, cheaper part of town instead of staying put (common sense is that when you lose your job, you send out resumes looking for another job while collecting unemployment and also looking to move and downsize to a smaller, cheaper place); you don't stay put and be a squatter5) they must show their bank statements (checking, savings, retirement accounts, etc.); any money they have in there must go towards paying 50% of rent as well6) if they are short on all the above, they must move in with family / relative / brother / sister / parent, etc.7) the only situation when they have a right to be a squatter is when they can prove that they will be homeless if evicted and have no one to turn to and no money in the bank (but whoever gets to this situation is a lousy manager of money and don't know how to live within their means while employed)

Banks buy and sell those all the time.I think you're saying you have a borrower who has negotiated with the bank to purchase their note from the bank.

If there is any kind of damage to the house because of a natural cause if you approach the insurance company without a landlord's insurance they will outright deny your claim.If you have a mortgage the bank will insist that you have landlord insuranceTenant has renter's insurance.

It would seem the only contact they are able to make is between their bank and my credit card.Any insight or advice would be greatly appreciated  

The tenant pays a monthly premium and keeps an active bank account and credit card on file.

That's tough to do, even in California.Even if you borrow the equity from your current property, the bank doesn't give you that money for free.