I'm going to respectfully disagree with some of the advice in this thread.Ensuring that the occupants are caught up on bills tied to the house is silly because they're under no legal obligation to the new owner to be caught up on bills.

You want to get that in place at the beginning as part of the lease's contractual obligations and make it a default condition.

I saw your corporate announcement.

You shouldn't feel any obligation to prove anything when you're not using this site for a commercial purpose.

As you write checks and make deposits your income tax return is preparing itself.At the end of the tax year print a simple Profit and Loss report for the time period and hand it to your bookkeeper or CPAYou still need to keep receipts for seven years or so but the works does itself as you write and code each check.Even if you file as an LLC, Partnership or corporation your CPA will thank you.

Or we would still be obliged to clear the debt after foreclosure?

In my opinion, I would not take the advice you received regarding using OPM is you have no experience in investing in real estate.I would also not look to be a private lender for several reasons1) You are better off putting your money with a corporate bond / CD and get 5-6% with little risk compared to 10% to 12% with much more risk given today's market conditions2) You won't be able to retire getting interest income, which you said is your goal.

A bit run down of the repetitiveness, lack of fulfillment, and overall client-pleasing obligations that must be met for every assignment.

I am currently taking a course for a real estate license ( I know, different and not really necessary for real estate investing) for the sole purpose of commitment and telling myself that if i sign up for it, I am obligated to learn it, take in as much information as possible, and make a career for myself.

You are not a guarantor of weather, peoples' health and welfare, or unthinkable tragedies, just like the guest isn't responsible for the duties and obligations of owning a rental.