For example, their rent is $2000, they pay me $1000, I then apply the $1000 to the renovation project, which they estimate to be around $8,000.How should I write up the lease agreement as far as collecting the rents?

It will easily be your most trusted resource with your specific case.2) Fema will not cover anything business-related I was told multiple times.  

This is what I think I know:- The borrower can choose to pay off the note at any time (by selling the property or just paying off the loan with other funds), so it is important that the legal balance covers my investment and some profit- The borrower could file bankruptcy (can someone confirm that this will only cause delay, but not jeopardize ultimately collecting the legal balance of the note)- Most of these DOTs will have a rent assignment clause, so I could try to enforce that and collect rents from tenants (essentially manage the property) while I am holding the note and trying to foreclose.

I remember even during Covid we sitting pretty collecting all of our Section 8 rent checks.....The County Wake housing authority blows the big one.

Excited to connect and have access all the resources that this awesome community has to offer.

@Bracken Bjorn The answer is in the local data...and the data might look differently to you than someone else...it's really about your goals, tolerance for risk, available resources, and personal preference...

For the STRs, there’s probably local podcasts or resources you could tune into.

As you look to expand, you’ll find plenty of resources and advice here.

If they fail to pay, then you can consider taking them to small claims court or filing with a collection agency. 

Most people do not realize when someone liens a property its just a lien, but to collect on it they must file a lawsuit to collect that money which will cost them 5x more than what its worth.