That said, there other practical considerations with the victim tenant in situation, meaning, maybe it's a "lesser evil" decision to allow the victim tenant to terminate early without penalty based on the circumstances.

Another consideration is to get a portfolio loan that will take on both properties at an average rate which will give you capital through a finance (refi similar).

If you have sufficient ceiling height, a good option is to install a resilient channel system and 2 layers of 5/8 type X sheetrock.

1) What are legal considerations that I need to include in lease agreement?

Other consideration that we've found critical is housekeeping and local handyman. 

In most places, like Benjamin already mentioned, STRs and MTRs have different legal requirements and considerations.

But if you don't have a rehab crew or aren't handy; you are buying turnkey investments at the height of the real estate market in most markets.

You raise some great considerations here.

Hey everyone, I recently acquired a cleveland heights home.

I created a free guide for beginning real estate investors with an overview of the critical considerations for starting out.