Hello All, I am very excited to be a new Bigger Pockets member! I

Membership question from a new Premium Member. I

I would want a property manager to find and manage my properties, so I guess I would be relying on them having a solid screening process.

The terms with my family member is an interest only payment and then we set the balloon payment to be within 3 years (planning on doing it once we hit a one year mark- the deal is essentially one house now and their second house in 6 months so we figure this plan for now gives us a good timeframe for our first two houses!).

I don't want to be relying on Private Money Lenders to lend me money when I can just wait for my HELOC, but to answer your questions:The property in question is priced at 600k. 

@Mindy Jensen how do I sign ip to be a pro member ?? I

However, since my relative lives there and I pay for everything, it can be re-financed with a primary resident loan.  

I wouldn't inform the tenant of this until about a month before (or whatever the minimum length is in your lease) that you won't be re-signing him as to not cause any more tension in the relationship which could result in damaged property or him not paying rent.

My family member will manage any repair calls, maintenance, etc.The family member is open to me renting the property from them for 2400/month and is okay with me listing it on Airbnb.

In my opinion a title search shouldn't be relied on the take title to property because it's always possible something affecting title was missed.