When you buy,how do you protect your investment, other than the formal agreement? 

You want formal milestones, i.e.

Paperwork to be signed is mailed back and forth and we only do our own lease as a formality and an extra chance to go in and check out the apartment to see if we need to fix something.

**"Cash for keys" is a strategy that landlords can use to encourage a tenant to vacate a property without having to go through a formal eviction process.

@Marc ShinI would probably speak to them first on the phone or face-to-face and then send them a formal letter.

I have done a formal inspection with the lease but I give the tenant a checklist to fill out with the least when they move in so they can document anything that is broken or needs repair.

@Luis Herna, while I am not overly certain about TX's nuances, but they sound similar to Ohio, if you are collecting a commission, whether a fixed amount or a percentage of sales price, you are brokering deals and require a license.In my market the grey area solution is, like Daniel noted, actually close on the deal in a dual closing transaction, or formally assign the contract with an assignment fee tied to it.  

I definitely would want the mail to go to the correct place.If someone wanted to sue you, the fact that you ignored changing your address would be a good argument that you are not maintaining corporate formalities, potentially having the protections of your LLC ignored.Most states have annual filing requirements for the LLCs so that would be a good time to update it.  

A larger sum might provide more leverage to ensure they leave on time and in good condition.Rental Agreement: You could also consider having a formal rental agreement in place with the seller for the two-week period.

I manage each property personally, which has provided me valuable experience but also highlighted the need for a more formal structure as I plan to expand my portfolio.My PlanI'm looking to establish a Wyoming Holding LLC that will be taxed as a partnership.