A relative who does long-distance real estate investing told me that I have to sign the final loan document and the transfer of ownership document in person.

Sellers may struggle to mentally shift from "owner" to "tenant," which can create challenges with boundaries and property care.Security Deposit:If you’re doing a temporary leaseback, be sure to collect a substantial security deposit to cover potential damages and ensure they vacate on time.

Quote from @Jeffrey Duck: I see no reason to pay an attorney for this, but it's your dime.The current lease was between you and Person B.

Hello. I just put my house for rent but I’m not sure where to do background check and what exactly look for when doing them. Can you please share what you use it would be great. Thank you. 

Recapture typically happens only when you sell the property.If you use the property partly for personal use and partly as a rental in a given year, depreciation and other expenses must be prorated based on the number of days it was rented versus personal useBased on the current tax laws and regulations, once you've taken bonus depreciation on an asset, you cannot "capture" additional bonus depreciation on that same asset in future years, even if the rates increase.In the 2024 tax year, the rate for bonus depreciation is 60%.

BTW: most owners that have hired a PMC, don't want to speak with you, much less meet with you in person to hear a hyped-up sales pitch.Also, you want to do rental arbitrage - so, you will need to be properly licensed to manage properties you do not own as required by your state & local laws.- why would an owner want to do business with someone NOT properly licensed?

An ignorant person lacks knowledge or awareness.

I personally don't recommend bothering with an LLC until you have $1 Million in equity.Warning: I am not an attorney, and this can be a complicated topic.

My biggest struggle on my first purchase has been solid property management.

Think 10-12% CAP rates.D class areas= Practically no price appreciation, worst/struggling public schools, highest crime rates (especially drugs and violent crime), highest cash flow.