In this section, I want to emphasize the benefits of seller carry financing, share success stories where it enhanced the deal, and highlight the tax advantages of utilizing a 1031 exchange.Seller carry financing is a powerful tool that allows investors to purchase properties with flexible terms and minimal upfront capital.

It goes without saying that you should get the lease agreements as soon as possible so that you can have some transparency into the number of occupants, the rent, any agreements, utilities paid/not paid by the tenant, parking, storage, responsibilities like lawn/snow, expiration dates, special clauses, etc. 

Utilizing Seth's local market expertise, we quickly assessed the property's potential.

To comply, refer to your loan agreement and provide evidence of occupancy, such as utility bills or driver's license updates.Good luck!

If everything is fine on the legal / rental side of things I would stipulate in the lease that the large living room closet would not be allowed to be used as a bedroom and would need to be utilized in some other capacity i.e walk in closet.I understand no one can give legal advice on this site but guidance or websites to look over would be a huge help! 

In its best year, 2023 it cash flowed $3,000 a month before increase in property tax and utilities have squandered it down to maybe $1,500. 

I’m the meantime I was able to find a new tenant who has paid the security deposit, first month rent, and has scheduled utilities to be transferred to their name but no lease has been signed yet.

My favorite one is make sure they transfer utilities into their name BEFORE you give them keys.

I'd start by checking with your local REI groups if possible and visit a few meetings and ask who the local investors are utilizing. 

That could be a very well invested $100 or so.Additional expenses I add are municipal inspection fees, inflate the cost of all repairs if your prop mgt company is handling them for their load onto the repair cost and utilities while you hold the property initially and with turnovers.Overall, I wouldn't say this is a bad idea if you know what you are getting into and are comfortable with it.