It was my way of easing into RE investment, and I've heard a similar story from others.  

We have perfect credit and $80,000 in cash reserves as well for contingency (hopefully it eases the process).What can we do to take on as much responisiblity as possible? 

I'm in NJ, and I've been looking for ways to puschase property using a low down-payment option to ease the burden of chewing up capital in the beginning stages of my investment goals.

That could have eased a bunch of the 45 day identification period angst.  

I think it will ease me into being a landlord and being honest for any given situation regarding rent and so forth.

Do you work with a lender/broker that can review your draft taxes before you file and let you know if you should ease up on some of the deductions? 

Ease of adoption in your area for that type of investment?

-Some people rent for utility, others rent for ease, in the long term no one rents to save money.

So while I love the mostly hands off approach , and the ease and stability of renting, the income is only about 5% a year of the committed capital.Buying a mobile home for $3OK, would yield at least a 10% income stream.

Even if your inherited tenant is month to month you want to be sure that you understand what the tenant's expectations are and what "verbal" or written agreements were/are in place when you close on the purchase.Hopefully, the current owner can help ease the transition and, if it were me, I would want to start out on the right foot with a written lease for say three months under the "current" terms if there is not a formal lease in place.