Quote from @James Hampton: That's a bad practice to follow.If an occupant is not named on the lease, you may have difficulty enforcing rules or evicting them.

Private money lenders are not always individuals (my company, for example), nor do they confine their lending practices to friends, family, and other investors they know.

For large apartment projects, it is not practical to demand the return of all letters before closing.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

At times, the seller may back out, you may not get financing to go through due to changes of lending practices due to (Covid19).

My next 3 months are devoted to learning, practicing analyzing deals, etc. 

While the absolute value may not be high - I have a rehabbed duplex (can you say practically $0 repairs/maintenance/CapEx for the next 10-15 years since I rehabbed when I bought it?)

Even if you’re not ready to buy yet, practicing this skill will help you recognize a great deal when the time comes.Feel free to reach out if you’d like to chat more—I’m happy to share what I know or help you connect with others in the field.

Given its condition, renting it may not be practical.

Practical Tips for Managing PropertiesFinding Good Tenants: Screen thoroughly.