Many banks securitize their loans (bundle them together) and sell the loans to Fannie Mae or Freddie Mac, while continuing to service the loans, that is collect your payment.

Many of my customers who are traveling nurses buy condos or townhomes in Florida as vacation homes, then rent them out when they're not in town.This system has proven to be very lucrative, as it allows them to service the mortgage debt and generate a good cash flow.

Various legal setups can  mitigate a large part of this risk.  

We use a third party servicer to do all of this - much easier and when starting just tracked payments in wuickbooks as servicer tracked everything else 

@Kash Tacke legally, you would need architect drawings to get approval from Detroit Zoning Board.

By 2030, we want to have grown a portfolio of over 100 units, created a property management company that manages an additional 100-200 units, and, finally (and most importantly), we will have established a non-profit that is focused on quality, affordable housing that specializes in providing housing and resources at/on the "services cliff" alongside financial counseling and first-time home buyer education in our target area.Our target area is the Springfield, MA and Hartford, CT areas with dreams to expand to Central Massachusetts (Worcester, MA), Southern New Hampshire (Nashua, NH), and Southern Connecticut (New Haven, CT).Would love to meet up with likeminded individuals in our area!

There may be requirements to cover the trash service depending on the town.My first commercial loan was 30% down, 20 year term (adjusting after the first 5 years). 

Do not rely on it for legal advice.

I prefer graduate students whenever possible because they don't have time for partying, are of legal age anyway, and generally tend to be by themselves or with a partner so it's more like renting to a couple.

You are perfectly legal and right to do so.