Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

Hi Jhamari – Setting up ownership through an LLC could be one of the approach, though there are more variables to consider it.

there are 3 or 4 companies that sell how to programs normally about 2k to 3k.. this will give you the basics.. or you can try to find a used set of books tapes on E bay for 50 bucks or so.

You’ll be set if you give yourself 5-10 years.

@Dan Mitchen I wish I had the budget for something in a nicer part of town, but the way I look at it, if I'm working in a lower price range that will bring a different set of problems, at least it will be a good lower cost learning experience. 

If both the mortgage and title are in your and your wife's names, setting up a multi-member LLC with both of you as members might help avoid triggering a property tax reassessment (some counties do that) since it shows continuity in ownership.

The option is a completely separate document, discussing ONLY the terms of their right to purchase the property within a set amount of time for a set purchase price. 

Congratulations on the first rental and all the knowledge you have gained from it to set you up for the next property. 

I did have a buyer try to purchase my property but I would have to do seller financing and with my current mortgage on the home, it proved to be difficult, and would much rather do a cash sale to avoid more paperwork as well as still being connected to the property based on the terms set.

The problem with these set ups is you agree to keep your mouth shut if things go bad, but be an advocator if things go well.That's in the language when you deal some of these turnkey folks.