I had negotiated a substitution of collateral clause in the purchase agreement, that stated I could substitute a note that (1) yielded the same or more and (2) carried the same or less risk.  

They have no reason to live up to our agreement with them to do petroleum dollars in USD.  

And yet another, recording a memoradum of purchase agreement to cloud title and then not releasing the memorandum in order to hold the property hostage for a fee, is a serious legal issue.And another, signing a purchase and sale agreement without the intent or ability to close, is fraud.

Focus on the tone of the letter being sympathetic.Set property expectations of move-out time and condition of the property, but do so after you have reviewed their lease as that is your guiding agreement with them at this time.

This might make it sound like he was a bad guy, but I think he was just trying to be an okay neighbor....He was kind of straddling that line of not doing what his agreement with the complex was asking him to do...Jon Taffer of Bar Rescue always says that people get comfortable with a discount because they come to expect it, and then get pissed when it gets taken away.

What type of insurance do they have that allows them to run that business and why couldn’t those of us with Airbnb’s do the same with a separate agreement?

Nor do we have a prenuptial agreement.

The new tenant has a dog, which I decided to allow and had them sign a Pet Agreement.

Converting your single-family home into a rental property involves several considerations to protect yourself and ensure smooth operations: Establish an LLC:Liability Protection: Holding the rental property in an LLC can protect your personal assets from potential lawsuits related to the property.Tax Benefits: An LLC can offer tax advantages, such as pass-through taxation, where rental income is taxed at your individual income tax rate.Insurance:Landlord Insurance: Ensures coverage for property damage, liability claims, and loss of rental income.Umbrella Policy: Provides additional liability coverage beyond your landlord insurance, offering extra protection.Deductions:Mortgage Interest and Property Taxes: Continue to deduct these expenses.Depreciation: Depreciate the cost of the property over 27.5 years, excluding the land value.Maintenance and Repairs: Deduct costs related to maintaining the property.Property Management Fees: Deduct fees paid to the property manager.Filing Taxes:Schedule E: Report rental income and expenses on Schedule E of your tax return.Separate Accounts: Maintain separate bank accounts for rental income and expenses to simplify bookkeeping.Lease Agreement:Solid Lease Terms: Ensure your lease agreement is thorough, covering rent amount, due date, late fees, maintenance responsibilities, and eviction terms.Legal Review: Have the lease agreement reviewed by a real estate attorney to ensure compliance with local laws.Tenant Screening:Background Checks: Perform credit, criminal, and eviction history checks on prospective tenants.References: Contact previous landlords and employers for references.Property Management:Regular Inspections: Schedule regular property inspections to ensure it's being maintained properly.Maintenance Fund: Set aside a reserve fund for unexpected repairs and maintenance.Moving Out of State:Communication: Maintain open communication with your property manager.

Besides the purchase and sale agreement what other contracts would I need?