As far as the "nuts and bolts" of dealing with the tenants, here's the scoop:You will be creditied with the security deposit(s) held by the current owner.

I do have basic real estate knowledge as I once held a license in Texas, but gave it up when there was no more time - that was 20 years ago.

Let me share a recent deal - Lived in Philly all of 1 week ( july 06) and did this deal Sw Philly ( Island rd & 76) SFR buy price 35k needed 12k ARV 82k A HML owned and held the deed( free & clear) so that I flipped it without ever taking title in 60 days!!!!!

And make sure you buy at a big enough discount that you can live almost rent free when its fully occupied, that way your income won't be quite so necessary and can be held for bad months when you have vacancies, etc.

That example's beyond your reach but itdoes show how the system works.As I've said, I don't buy or sell real estate but if you come across an Industrial Park that's notdoing too well, I'll buy the note held on it.

Make sure all utilites are taken care of and that the mail is forwarded to the new address or held for pick up.

I held the relinquished property for 7 years and gum it up at the end.

. § 1031.IRS rules control the length of time that the replacement property must be held before it may either be sold or used to enter into a new tax deferred exchanged.

For a few years I owned my own brokerage (always hired brokers, never held a RE license whild I owned a brokerage).

I would think that as a licensed agent you would be held to higher standard legally and ethically.