If there are large deposits the underwriter will ask for a signed letter of explanation from the borrower along with supporting documents.

Most lenders are fine with just seeing a signed lease and receipt of the first month's rent with security deposit, so the tenant doesn't need to actually be moved in yet. or 80% though it will certainly make the process smoother if you have a tenant lined up.

I want to make sure Im prepared with the correct documentation to rent out my condo and would appreciate all opinions if im missing anything: - I have the rental application- I have my rental property agreement that I will have the renter sign and make copies of and provide them a copy.- I have the statement of condition that I will have the renter sign and make copies of and provide them a copy.- I will have them provide a copy of their tenants insurance for my records. - Will provide receipt for first and last months rent.- Im thinking of not charging security deposit because of all the strict MA laws and just using the last months rent as a sort of security deposit, thoughts?

My concern is that under the new NAR rules the agreement to hire a buyer's agent obligates the buyer to pay the buyer's agents's commission if the seller refuses to do so, and since the buyer's agent's agreement must be signed before the buyer can view a property or make an offer, the buyer has no guarantee that the seller will agree to pay that commission.

No one has had anything 'bad' to say about it so I think I'm going to sign up!

Thanks Hi Mitchell, did you end up signing up with RESimpli? 

I would stay away from Evolve, maybe try signing up with Hospitable, Guesty or something like that. 

If I don't setup the LLC and don't setup the bank account, then it will be a lot slower because every time when I sign for the offer or for some expense, I have to ask them to sign.

Also, you and tenant would not have to print, sign, and scan the document every time. 

Possession: The buyer typically takes possession of the property immediately upon signing the contract.