I'm overwhelmed with all the responses.

@Nigel YarbroughTo find cash buyers and structure a lucrative deal, join local real estate investment groups, contact agents, search public records, attend property auctions, use online platforms, connect with wholesalers, and send direct mail campaigns.

Either of your scenarios can work.I believe that @Beth Johnson makes these loans and might have something to add.Thank you for the response and the connect!

Every system you try will have flaws, or you may salivate over a feature that appears in other software.Some familiar names are mentioned frequently: Stessa, Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.I recommend conducting thorough research on each app online to understand their offerings, pricing, etc.

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.There are over 20 real estate accountants on this site.

I feel like it can be costly on utilities but the tenants are responsible for water and electricity anyways.

Once the new tenant takes responsibility, release the original tenant from their obligations.

You need to be clear where each partnership starts and stops and make sure each person knows they are responsible for.I hope this helps. 

You should negotiate with them to see if they will be providing the maintenance at your property or if you will be responsible.

Thank you for the response.