When I joined in, they had just stopeed doing the short form app and were now trying to formalize their procedures a bit and make their accounting a bit more streamlined to avoid prior delays with folks receiving their partnership agreement.In either case, this is a great forum.

Be sure to follow whatever procedure is required in your state to the letter.

Buy/Hold isn't in my cards yet, the operations/procedures are in the works, but the fact that there is the real chance of an impending flood of inventory; This tells me to hold off so I can pick up long term properties at the lower price where every dollar I can invest will go that much further.Some may say we've hit the bottom, but both Mike Jacka and I hold the belief that shadow inventory exists unsustainably.

For those interested, let's have a call to discuss the objectives and procedures of this group.

Are there any other specific forms, licenses, agreements or procedures I must complete or carry out prior to renting this property?

@Laura I wasn't aware of the limited time to do a court procedure for eviction. 

Every  county is different, call the county and ask what the procedure looks like 

Does your trusted friend have an in depth understanding not only of the 1 page of actual regulations but also the 8000 pages of case law and the associated revenue procedures that actually shape the actual law of the 1031 exchange?

Jesus' Son by Denis Johnson is one of the finest, most rewarding reads ever written, reminding me that material things return less than experiences.

There are usually very clearly defined procedures, time limits and notifications for handling tenant security deposits, so even if you can use the evicted tenant's deposit towards repairs, the other deposit is likely off limits, especially if that tenant is still there, and it should be transferred to your new property manager if they are handling that tenant as well.As far as the $200 repair limit, be very careful about standing firm on that, as it may be interpreted many different ways.