Every adult residing in your rental should apply, be approved by you, and sign the lease.

Investment Info:Single-family residence buy & hold investment.

If I were in your shoes and you wanted to keep them on MTM I would have them still sign a MTM lease and make the one resident pay a deposit, assuming you can sign new MTM leases in your area.I personally would still probably shift them to longer-term leases anyway, but it's not a bad idea to feel them out for a few months.

I randomly came across your post from about a year ago.  

@Priscilla ChinI invest in the Indianapolis metro area but I used to live there so I didn't just pick a random city.

You are close to (or maybe past) your primary residence capital gains exemption, so I'd take that in to consideration too.

Or buy a fixer upper and work on renovating (valuable learning experience if damage not too extensive) during college years then sell and keep up to $250,000 tax free profit as your primary residence allows.

Investment Info:Single-family residence buy & hold investment in Elizabeth Lake.

Investment Info:Single-family residence buy & hold investment in Fargo.

Details2,819 SF, single family residence, 4 bedroom, 3 bath house, with a poolThe house is in a very desirable location.Market Value - $950,000Mortgage Balance - $226,137 (10 years left)Martgage Payment - $2,250/moInterest Rate – 3.5% Average Rental comps - $4,430/mo (looking at the comps I think it is above average)It certainly looks like it would cash flow, but that leaves buying a new house with a small downpayment and high interest rate.