What happens if someone passes, what happens if someone's financial situation changes, how and when can buyouts happen. 

My company, Rent To Retirement, does thousands of transactions annually with the largest builders in the country, and that is how we are able to take institutional type of discounts to pass that on to the individual investor in some of the best markets.

If one year from now I see this is a viable business that makes me an income that can at least sustain my life at 70% of what I can make working for someone from paycheck to paychek, and see potential for growth and reason to do this full time, then I can take 60 hr course, pass MD exam and get a Broker to sponsor me as REA.

This home also was where the previous owner had passed away.

So contractors are giving them crazy bids  and they’re trying to pass them on to us.  

At the time I didn't really understand why, since you had to pass the income and credit checks regardless and there were only 2 companies that owned all the upscale places so not a huge supply.       

But then there were some repairs necessary to pass an occupancy inspection, so the lease will have to be cancelled and redone with a new move in date. 

And then the first ones you had to buy a special package and it was 100k for that one so I passed for the time being..

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.

In MD we have loss-mitigation laws passed after housing crisis that exposes you to great deal of liability if you contact people 60+ days in default  and offer to buy their homes.