You can ask piliminary questions to see if an applicant is worth your time too if you don't want applicants always filling out an application before a tour. 

At that time we could renovate the ground floor apartment and potentially turn it into (2) apartments for a total of (5).My questions come down to how do we deal with the existing 40k mortgage, whether we can make it work so her parents aren't paying much in rent, if anything at all, and whether or not we set up any legal entity, like a trust to help the legal situation of paying off her sister down the road. 

Do you have a specific question? 

Market rate is $1100 on the same street for the same style, size, and age of house.The tenant has been there for 25 years and has also worked as a handyman for the landlord on various properties, so the current owner has asked me to keep him there for at least the next year before raising rents.Property taxes from 2023 are just north of $2000.Based on this Deal Calculator it should cashflow month 1.My questions:1.

I have a few questions for some of the investors on here.

@Zachary Myers My replies to your questions are below.1. 

I'm starting with the process, but if  I have any questions, I'll reach out.

So loan it is.A few thoughts/questions on my mind that I hope to learn as I continue my real estate journey:1.

Quote from @Roger D Jones: Emory,Great question but a lot to unpack. 

More difficult question that was not asked is do you get rid of these tenants property and I think that is as easy a question.