My go to for lowest hassles, taxes and  transaction costs are Lease Options or selling directly to the renters. 

If the tenants are on contract, you will inherit that low income until the lease is up.

You should have a clause in your lease agreement or an addendum detailing their responsibilities along with penalties for violations.At Keyrenter North Jersey Property Management, there are a couple things we always go back to when making these decisions:- How can we provide the best value/service to clients and tenants?

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

My partners and I own a portfolio of residential assisted living homes that we commercially lease to the business operators.

We use Wisconsin Legal Blanks for all our leases and forms. 

My friend recently told me of this scenario where the person I lease to would perhaps then double book individuals and keep deposits. 

It was an office building owned by a somewhat shaky business, but did have numerous long term roof leases for wireless providers.  

Do the lenders that you use for the DSCR 30 year loan product require a lease to be in place before the loan funds?

It does later say in the agreement that it is:"binding upon persons who own, lease, sublease, or occupy any parcel or portion thereof"The inclusion of which seems to imply that long term renting and/or subleasing would NOT be commercial use.I'm trying to figure out if I'm taking a significant risk buying this property for use as an STR.