Hello All,What app/Managment software have you found success with for taking applications and managing tenants?

As the new owner, you’ll want the lease and your landlord insurance policy to take effect as soon as you take title to the property.Temporary Lease Considerations:While short-term leases can work well, leasing to a seller long-term often leads to complications.

Ask them if they'd mind sharing their experience with you.. if they'd recommend the area or not, and lastly if they could maybe send you a P/L sheet to see their income, expenses etc.You might run into some hosts that aren't responsive or any help, but it just takes a few people to share insight to get a good idea of the market you're dealing with.

Learn what a good one looks like, then take your time to find one.

IRS 590 also explains this.5) When you receive a distribution or otherwise get paid back, never take personal control of the money.

Seller financing, subject-to deals (taking over the seller’s mortgage), or lease options can create terms that work for both parties.

If it's worth that much, taking a HELOC on it should not be an issue at all long-term or short-term as long as the bank will do it.

Make sure the previous property management company did their job and communicated a change in management prior to you taking over--along with your contact information.If they have no done this, they should so the tenant doesn't feel like a scam may be going on.Just make sure they're away of where rent payments need to go and who they can contact in the future. 

I always find it hard to take that step.

Here are 3 practical strategies that might help you take your investment business to the next level.1.